TMI Blog2020 (5) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... of the land in question is situated, area of the land, potential for future development, infrastructure facilities available around the land etc. and other depressing factor such as the pendency of patta proceedings. This Tribunal is conscious of the fact that the patta is not a document of title. Fact that the patta was granted initially and subsequently cancelled by the Tahsildar, definitely have an impact on the title of the property. Therefore, this is one of the relevant factor to be taken into consideration by the Wealth Tax Officer. For the assessment year 2009- 10, the High Court has already fixed valuation, therefore it may not be necessary for the Wealth Tax Officer to re-examine the same. In other words, the valuation fixed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... our of the assessee-company and patta was also granted. Subsequently, Tahsildar cancelled the patta and the proceedings are still pending for grant of patta. The Ld. Representative further submitted that the patta proceedings are still pending before the Tahsildar therefore, there was dispute with regard to the title of the land. Referring to the judgment of Madras High Court in the case of W. P. No.12805 of 2002 dated 16.04.2002 and in CMA (MD) No.125 of 2011,dated 14.12.2011, the ld. Counsel submitted that valuation for registration of the document against the order of the Inspector General of Registration was challenged before the High Court. The High Court fixed the value for registration at ₹ 17,64,69,491/-. The document was i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsidering the High Court judgments (supra), the matter may be remitted back to the file of Wealth Tax Officer. 5. Having heard the Ld. Counsel for the assessee and the Ld. Departmental Representative, this Tribunal is of the considered opinion that the matter needs to be reconsidered by the Wealth Tax Officer only with regard to the valuation. Since the ld. Counsel for the assessee very fairly submitted that the land in question is urban land and liable for taxation, it may not be necessary for this Tribunal to go into the question whether this is an industrial land or not ? However, for the purpose of valuation as on the valuation date, the Wealth Tax Officer has to follow the procedure under the Wealth Tax Act after considering the lo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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