1985 (8) TMI 59

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....he circumstances of the present case, the Tribunal was justified in holding that the provisions of the Urban Land (Ceiling and Regulation) Act, 1976, are applicable for determining the market value of the plot for the purposes of wealth-tax on the relevant valuation date ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal's finding that the assessee was quite correct in valuing the excess land of 16,000 sq. metres at the rate of Rs. 5 per sq. metre in view of the provisions of the Urban Land (Ceiling and Regulation) Act, 1976, is perverse and contrary to the material on record ? " In respect of the assessment year 1977-78, the assessee, Smt. Ballabh Kumari of Bagsuri, Ajmer, filed the return of wealth-tax de....

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.... 5 per sq. metre, as provided under section 11(b)(ii) of the Land Ceiling Act. The Tribunal observed that in respect of the excess land, the assessee was only entitled to receive compensation at the rate of Rs. 5 per sq. metre in accordance with the provisions of the Land Ceiling Act and, as such, the value of such excess land could not be assessed at more than the amount of compensation which was receivable in respect thereof by the assessee. An application filed under section 27(1) of the Wealth-tax Act was rejected by the Appellate Tribunal by its order dated February 24, 1981, on the ground that the Tribunal had recorded a factual finding that the value of the excess land could not have been more than the amount of compensation payab....

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....deration for the determination of this question. Under section 6 of the Land Ceiling Act, the person holding vacant land in excess of the ceiling limit is required to file a statement of the vacant lands held by him, specifying the vacant land within the ceiling limit which he desires to retain. Thereafter, a draft statement is prepared under section 8 as regards the vacant land held by the person concerned in excess of the ceiling limit, inviting objections in respect thereof. After considering the objections received to the draft statement, the competent authority under the Land Ceiling Act has to issue a final statement under section 9 and when that statement is served upon the person concerned, the competent authority is entitled to iss....