COMMISSIONER OF WEALTH TAX Vs. BHAGWANDAS D PATEL

JUDGEMENT

(1.) This reference arises out of a Wealth Tax Application Nos. 260 to 264/Ahd/1981. Registry is therefore directed to separately number the References i.e. Reference Nos. 79, 79A to D for the respective years.

(2.) The Revenue is aggrieved by an order made by the Tribunal which set aside the order made by the Commissioner, Wealth Tax and restored the order made by the Wealth Tax Officer for all the relevant years by an order dated 31.5.82. The reference is at the instance of Revenue raising following question.

(3.) The assessee, holder of the agricultural lands indicated the value of the land for the purpose of wealth tax in his return which was filed for the relevant years and valuations were taken as on 30.6.69 to 30.6.73 for the respective years. It appears that the Commissioner, Wealth Tax arrived at a decision relying on the award made under the Land Acquisition Act for the lands in question. Notification was issued in 1971 under section 4 of the said Act. On the basis of the report submitted by the valuer, in 1976, price of the lands was fixed. Before that, under section 6 of the Land Acquisition Act, notification was issued on 6.4.72. The Ahmedabad Municipal Corporation released the amount of of Rs. 8/per sq. yd. However, the valuation has been based on the report of 1976 in view of the relevant valuation dates. The Wealth Tax Officer who considered the case had no occasion to examine the award made by the Land Acquisition Officer. Considering the comparable instances which are pointed out in para 19 of the paper book price was determined. The lands were sold at a rate of Rs. 7.00, Rs. 10.00 and Rs. 14.00 per sq. yd. These parcels of the lands were situated very near to the lands of the assessee.