Home Case Index All Cases Wealth-tax Wealth-tax + AT Wealth-tax - 2016 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (2) TMI 769 - AT - Wealth-taxInclusion of land into net wealth - valuation - it was argued that, since the road alignment was not finalized and it is not known on which part of the land the proposed road passes through unless the concerned authority, namely, Chennai Metropolitan Development Authority, finalizes the alignment of the proposed 100 ft. road across the land, it cannot be said that the land in question could be used for construction. - Held that:- The Kerala High Court had no occasion to consider the proposal for formation of any road across the land and pending demarcation, and the impossibility of construction of building on the land was not subject matter before the Kerala High Court. Therefore, this Tribunal is of the considered opinion that this judgment of Kerala High Court may not be any assistance to the Revenue. It is to be remembered that proposal of the road through the subject land and pending finalization and demarcation of exact location, the authorities concerned may not permit any construction over the land. Therefore, this disadvantageous position faced by the assessee cannot be ignored while valuing the land. Since the assessee himself valued the land at ₹ 83 per sq.ft., this Tribunal is of the considered opinion that estimation on the basis of guideline value is not justified. Accordingly, the orders of the lower authorities are set aside and the entire addition made by the Assessing Officer is deleted. - Decided in favor of assessee.
|