TMI Blog2002 (8) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... place of Rs. 30,000, adopted by the Income-tax Officer? - 2. Whether the Tribunal's view that the certificate by the Sub-Registrar cannot be ignored and should be accepted, is reasonable, supported by valid materials and sustainable in law?" - the calculation being based on the certificate from the Sub Registrar and fair assessment on the basis of municipal tax and there being no other conflicting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at as on January 1, 1964, the value of the property should have been adopted at Rs. 1,80,000 and not as Rs. 30,000. He also filed a certificate obtained from the Sub-Registrar, Madras, showing the value as Rs. 1,80,000 as on January 1, 1964. This plea was however, rejected by the Income-tax Officer, and on a further appeal by the assessee, the Tribunal relying on the quantum of the municipal tax p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in law?" Learned counsel appearing for the Revenue contends that the Tribunal took into account municipal tax, which was payable in respect of the property and such mode of assessment was not acceptable for the purpose of arriving at the fair market value. Learned counsel relies on the judgment of the Supreme Court reported in Chimanlal Hargovinddas v. Special Land Acquisition Officer, AIR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nclusive of the area of the property, location and proximity of the area, comparative genuine instances of sale, guideline value, annual rental value, in case of urban properties, future potential for development, etc. There can be no single fixed formula and as the Supreme Court had pointed out, the evaluation of the factors of course would depend on the facts of each case and there cannot be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In this case, apart from the certificate from the Sub-Registrar, Madras, the only other available index was the annual rental value as would be reflected by the municipal tax paid in respect of the property. There is also no denial of the fact that municipal tax is based on several factors inclusive of rental value and is therefore, definitely an acceptable formula, at least in the absence of oth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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