TMI Blog1987 (10) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... following questions of law said to arise out of the order passed by the Income-tax Appellate Tribunal, Delhi Bench B, New Delhi : "1. Whether the Tribunal is justified in upholding the order of the learned Appellate Assistant Commissioner in the facts and circumstances of the case, when both the appellate authorities ignored material facts and evidence regarding comparative sales ? 2. Whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epted by the owner is a good piece of evidence regarding the market value of the remaining property in the immediate vicinity?" The assessees were owners of agricultural land which had come to them as a result of partition in the joint family. In the returns filed of movable and immovable properties, the agricultural land which came as a result of partition was also shown. The departmental value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bigha), held that the land of which valuation was to be determined was agricultural land as it was being cultivated, and it was situated away from the main road near a small village. Therefore, the value for which the land situated on the Meerut-Delhi road was sold could not be taken as the basis. And the valuation could be determined treating it as agricultural land. It is thus obvious that ques ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plot No. 206 could not furnish material for determination of the value of the plots indispute. The Tribunal thus did not ignore any relevant material. Similarly, question No. 3 does not raise any question of law. It purports to refer to the claims of the petitioner in land acquisition proceedings and before the Wealth-tax Officer. But the valuation under section 7 of the Wealth-tax Act has to be d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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