TMI Blog1985 (8) TMI 59X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Urban Land (Ceiling and Regulation) Act, 1976, are applicable for determining the market value of the plot for the purposes of wealth-tax on the relevant valuation date ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal's finding that the assessee was quite correct in valuing the excess land of 16,000 sq. metres at the rate of Rs. 5 per sq. metre in view of the provisions of the Urban Land (Ceiling and Regulation) Act, 1976, is perverse and contrary to the material on record ? " In respect of the assessment year 1977-78, the assessee, Smt. Ballabh Kumari of Bagsuri, Ajmer, filed the return of wealth-tax declaring the value of land held by her at Ajmer at Rs. 1,16,000. In respect of the assessment year 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that in respect of the excess land, the assessee was only entitled to receive compensation at the rate of Rs. 5 per sq. metre in accordance with the provisions of the Land Ceiling Act and, as such, the value of such excess land could not be assessed at more than the amount of compensation which was receivable in respect thereof by the assessee. An application filed under section 27(1) of the Wealth-tax Act was rejected by the Appellate Tribunal by its order dated February 24, 1981, on the ground that the Tribunal had recorded a factual finding that the value of the excess land could not have been more than the amount of compensation payable to the assessee under the provisions of the Land Ceiling Act and that no question of law arose ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olding vacant land in excess of the ceiling limit is required to file a statement of the vacant lands held by him, specifying the vacant land within the ceiling limit which he desires to retain. Thereafter, a draft statement is prepared under section 8 as regards the vacant land held by the person concerned in excess of the ceiling limit, inviting objections in respect thereof. After considering the objections received to the draft statement, the competent authority under the Land Ceiling Act has to issue a final statement under section 9 and when that statement is served upon the person concerned, the competent authority is entitled to issue a notification under section 10 declaring the excess land held by such person. Section 10(3) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ought to be referred, therefore, ought to have been referred by the Tribunal to this court. However, the second question is essentially one of fact, because if the value of the excess land is to be determined in accordance with the provisions of the Land Ceiling Act, then the computation of valuation thereof in accordance with section 11(b)(ii), at the rate of Rs. 5 per square metre, does not involve any question of law. We are of the view that the question sought to be referred should be refrained in order to bring out clearly the question which requires to be decided by this court. We, therefore, direct the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, to state the case and refer the following question of law, arising out of its ..... X X X X Extracts X X X X X X X X Extracts X X X X
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