TMI Blog1995 (3) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... under the West Bengal Estates Acquisition Act has neither been determined nor paid - Held, yes - valuation already made by the Wealth-tax Officer and the appellate authority shall be ignored and a fresh valuation should be made - C.A. 1067 OF 1977 - - - Dated:- 29-3-1995 - B. P. JEEVAN REDDY. and G. T. NANAVATI. ORDER These appeals are preferred against a common judgment of the Calcut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee had no right on the relevant valuation dates to receive any compensation for the acquisition of his estate by the Government of West Bengal ?" While referring the question, the Tribunal observed : "If the question above is answered by the court in favour of the Department, the Tribunal will det ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice by Sri J. Ramamurthy, learned senior counsel, that the question aforesaid is concluded in favour of the Revenue (and against the assessee) by the decision of this court in CWT v. Smt. Anjamli Khan [1991] 187 ITR 345. On a perusal of the said decision, we find that this court has specifically disapproved the judgment under appeal herein. Though the said case arose under the Bihar Land Reform ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said decision. It has been directed by this court that "the value of the assessee's right to receive the compensation can only be the 'present' value (i.e., the value as on the valuation date of the amount) that may be determined and paid as compensation in future. It cannot be equal to the amount of compensation payable under the Act. The present value of the future compensation will, therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X
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