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2003 (3) TMI 5 - MADRAS HIGH COURTLand - Valuation - Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the entire extent of 3,434 sq. mts. of land at Mylapore should be valued at the rate of compensation payable under the Tamil Nadu Urban Land (Ceiling and Regulation) Act, 1978, and not at market rate? - The entire extent of land at Mylapore being part of the area which has been exempted under the provisions of the Tamil Nadu Urban Land (Ceiling and Regulation) Act, 1978, as rightly held by the Tribunal, has to be valued based on the rate of compensation payable under the Act and not by adopting the market rate. - Question is, therefore, answered in favour of the assessee and against the Revenue.
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