TMI Blog2005 (10) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... any land, it is a matter of common knowledge that the value of the property or land, as the case may be, would be normally reduced. - it was not open to the assessee to sell the land and, therefore, the value of the land in question cannot be more than what the Government was to offer to the assessee under the provisions of the Ceiling Act - we are of the considered view that the Appellate Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rict Valuation Officer, and the Assessing Officer, fixed the value based on the valuation officer's report. Aggrieved by the assessment order, the assessee filed an appeal before the Commissioner of Income-tax (Appeals), contending that the Assessing Officer ought to have appreciated that the land under reference comes within the purview of the Urban Land Ceiling Act and that as on the date of v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... land ceiling laws should only be valued as per the compensation payable under the Urban Land Ceiling Act?" It is fairly submitted by learned counsel appearing for the appellant that the issue raised in the question is covered against the Revenue by the decision of the Gujarat High Court in CIT v. G.S. Krishnavati Vahuji Maharaj Kalyanraiji Temple [2003] 264 ITR 517. In the said decision, the Gu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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