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2005 (10) TMI 74 - MADRAS HIGH COURT"Whether, Tribunal was right in holding that the immovable property subject to the urban land ceiling laws should only be valued as per the compensation payable under the Urban Land Ceiling Act?" - Whenever there is any restriction on the transfer of 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 Tribunal was right in holding that the immovable property subject to urban land ceiling laws should only be valued as per the compensation payable under the Urban Land Ceiling Act.
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