Home Case Index All Cases Wealth-tax Wealth-tax + AT Wealth-tax - 2013 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (3) TMI 474 - ITAT COCHINUrban land U/s 2(e)(a) of the Wealth Tax Act - Notices u/s. 17 - Sale consideration as the value of their portion of land - Valuation – Held that:- The market value is nothing but a price that may be agreed by a willing seller and a willing purchaser. Market price is not a constant figure. It may fluctuate depending upon various factors such as selling the land for a venture and the urgency for acquiring the land by the purchaser. For the purpose of wealth tax, we have to estimate the market value as on the date of valuation in a notional manner. Therefore, several factors such as the extent of land, location of the land, access to road, future development potentiality, accessability, infrastructure facilities like bus stand, airport, railway station, etc. need to be taken into account while estimating the value as on the valuation date. The guideline value fixed by the State Registration Department for the purpose of registering the document is also one of the factors which need to be taken into account apart from the comparative sale instance in the locality. In our view, the matter of valuation of the impugned property requires reconsideration at the end of the assessing officer. Accordingly, we set aside the orders of Ld CIT(A) for all the years under consideration . We also direct the assessees also to properly assist the assessing officer in determining the market value on each of the valuation dates.
|