1994 (4) TMI 43

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....t : " Whether, on the facts and in the circumstances of the case, the decision of the Income-tax Appellate Tribunal is perverse inasmuch as the relevant material was not properly evaluated and wrong conclusions were drawn ? " The brief facts of the case are that H. D. Rae was owning agricultural land measuring 14 bighas 11 biswas at Jamuna Dairy, Ajmer Road, Jaipur. The value of the said land was declared at the figure of Rs. 1 lakh. In the assessment year 1971-72, the value was declared at Rs. 2 lakhs. Taking into consideration, the situation of the land and the rate at which the land was sold by other persons in the earlier years, in the assessment year 1977-78, the price was taken at a figure of Rs. 5,50,000. The Appellate Assistan....

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....e details but may point out that selling of land in plots for constructing after developing the same by putting roads, and other amenities would be hardly any test of the market value of the land belonging to an assessee who had not provided these amenities so far. In this behalf, the comparative case quoted on behalf of the assessee, namely, the land of Shri Hari Deo Joshi would probably be a better guide rather than the sale of plots in Vaishali Nagar. " On this basis, the Income-tax Appellate Tribunal came to the conclusion that no comparable cases of sales of land in the area were pointed out any of the authorities below and, in these circumstances, the value estimated by the Commissioner of Income-tax (Appeals) was accepted as the c....

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....et value of a particular asset the rate prevailing has to be taken and which is the similarly situated land is a question of fact. It has not been denied that the land of JDA in Vaishali Nagar is at a distance of 7 or 8 kms. and the land of Har Deo Joshi which is at about 11/2 kms. and that the nature of the land of Har Deo Joshi was similar to that of the assessee, whereas the land of JDA was fully developed having roads and other facilities. An inference from facts would be a question of fact. If some inference is based on some evidence had it been present that any evidence or material was not considered then only it could be said that the finding is perverse or a question of law arises out of the order of the Tribunal. Even the finding h....