TMI Blog2006 (7) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... delivered by R.S.GARG J.- By this common judgment, we dispose of Wealth-tax Reference Nos.7 of 1995 and 8 of 1995. 2. The matters are being taken up for simultaneous hearing as in Reference Application No.33/34-35/Ahd/87, a common statement of case was drawn and the questions posed in sub-paragraph (1) and sub-paragraph (2) were referred to this Court for answer. 3. It is to be note ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3, between Commissioner of Wealth-tax and Shardaben, daughter of Haribhai (one of the assessee in these proceedings), decided on December 2, 2004. 4. In Wealth-tax Reference No.16 of 1993, the Court, after considering the totality of the circumstances and taking into consideration the character of the land and further potential use to which it can be put in future, observed that the potentiali ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value for the Assessment Years 1976-77 to 1978-79 ?" 6. So far as the second question is concerned, that can immediately be answered in favour of the assessee. Inflation or escalation in price of the agricultural land would not change the basic character of the land. If the land is recorded as agricultural, it would continue to be the agricultural land. If somebody, thinking that the said lan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the assessment year 1979-80 would not change the character of the land. 7. So far as the first question is concerned, the Income-tax Appellate Tribunal was absolutely right in law and on facts in confirming the view taken by the Commissioner of Wealth-tax in adopting the valuation of the land in question for assessment years 1976-77 to 1978-79. It is to be seen that the assessees before u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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