1987 (1) TMI 55

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....nstance of the Revenue, referred to us, in each of these two cases, by the Income-tax Appellate Tribunal, Cochin Bench: " Whether, on the facts and in the circumstances of the case, the method of valuation of rubber trees adopted by the Tribunal for the purpose of computation of capital gains is factually and legally correct ? " The assessment year in question in either case is 1973-74. The asse....

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....or the Revenue agrees that the higher value per tree, determined by the assessing authority, namely, Rs. 14, be accepted, for the purpose of this case, as the correct value. This value was confirmed in appeal by the Appellate Assistant Commissioner. On further appeal by the assessee, the Tribunal did not find fault with the market value determined by the Income-tax Officer. Accepting the finding o....

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....lue. In so far as the Tribunal did not find fault with the determination of the market value, the Tribunal misdirected itself in adding any other amount to the market value. We do not say that future yield would not be one of the elements which might go into the consideration of the market value. Bat the Tribunal accepted the market value, as found by the Officer, and, therefore, having accepted t....