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2016 (9) TMI 1139 - HC - Wealth-taxApplicability of provisions of Urban Land (Ceiling & Regulation) Act, 1976 for determining the market value of the plot for purposes of Wealth-tax on the relevant valuation date - Held that:- Once there is a restriction on transfer of any land falling under the ULCAR Act, the fair market value of the property would be depressed on account of such restrictions/considerations. Admittedly, in the instant case, it was not open to the assessee to sale the land on account of the restrictions imposed under the ULCAR Act and therefore, the value of the land in question cannot be more than what the Government was to offer to an assessee under the provisions of the ULCAR Act, where the maximum rate of compensation is ₹ 5/- per sq. mt., therefore, the same value has to be held to be the fair market value as on the valuation date and in our view, the Tribunal was just and proper in coming to the aforesaid conclusion that the fair market value of the excess land ad-measuring 16000 sq. mt., would be ₹ 80,000/- @ ₹ 5/- per sq.mt.. Consequently, the question of law is answered in favour of the assessee and against the revenue.
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