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TMI Blog2013 (3) TMI 474X X X X Extracts X X X X X X X X Extracts X X X X ..... rder for the sake of convenience. 2. The grounds of appeals urged by the both the assessees give rise to a solitary issue, namely, whether the "value of land" determined by the Ld. CIT(A) as on the valuation date of the respective assessment years is justifiable in law. 3. The facts relating to the issue are stated in brief. Both the assessee herein jointly owned 54 cents and 47 sq. links of land in survey no. 205/2 in Anchamada village, Kowdiar, Trivandrum. These assessees became owners of the above said property in the financial year 1992-93 upon receiving the same by way of gift from their uncle. They sold the above said property to a builder M/s. Nikunjam Constructions Pvt. Ltd. on 28.05.2005 and each of them received a consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Officer and accordingly, determined the value for other years. The value of land determined by the Assessing Officer and the Ld. CIT(A) in the years under consideration are tabulated below: Asst. year Net value as per Net value as per appeal assessment order order of the Ld. CIT(A) 2005-06 Rs. 78,65,540/- Rs. 78,65,540/- 2004-05 Rs. 77,08,229/- Rs. 66,85,709/- 2003-04 Rs. 75,54,064/- Rs. 56,82,852/- 2002-03 Rs. 74,02,983/- Rs. 48,30,604/- Still aggrieved by the orders passed by the Ld. CIT(A) , both the assesses have filed these appeals. 6. According to the assessee, the land inherited by them on partition was a portion of the total area of 1 acre and 12 cents. Further the entire extent of 1 acre and 12 cents was sold by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , which was sold on 28-05-2005, was justified. 8. This Tribunal had an occasion to consider the issue of determination of market value of land for wealth tax purposes in the case of Shri C.P. Mathen, Kochi vs. WTO, Wd.3(3), Ernakulam in W.T.A. Nos. 01 to 04/Coch/2012 relating to the assessment years 2003-04 to 2006-07. In that case also, the tax authorities determined the value for the assessment year 2006-07 on some basis and for other years, the value was determined by giving gradual reduction of 15% every year. The said methodology did not find favour with the Tribunal. In its order dated 16-11-2012, the Tribunal has discussed about the guidelines to be followed for the purpose of determination of market value as under, in para 9 of its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty, area of the land, infrastructure facilities available in the vicinity, access to the pubic road, potential for future development, distance between the infrastructure facility and the land in question, guideline value fixed by the State Registration Department, comparable sale instances in the locality and thereafter estimate the market value. Since the lower authorities have not taken into consideration this aspect of the matter, the orders of the lower authorities are set aside and the issue is remitted back to the file of the assessing officer. The assessing officer shall reconsider the matter after taking into consideration al the aspects discussed above and thereafter determine the market value afresh in accordance with law after p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Umesh Chand (supra), it was held that the compensation claimed in the land acquisition proceedings should not be considered for determining the value of "agricultural land", as the compensation was claimed on its potential value as "building site". The facts prevailing in the instant case is different, i.e., the assessees herein have sold the land subsequently and hence it is not a case of compulsory acquisition. Hence, in our view, the said case law is not applicable to the facts of instant case. However, the copy of judgement in the case of Kirpal Singh (supra) was not furnished to us. In any case, the Ld CIT(A) has observed that the said decision was rendered in the context of validity of reassessment proceedings. 11. In view of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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