COMMISSIONER OF WEALTH TAX Vs. SHARDLOW INDIA LTD

JUDGEMENT

(1.) AT the instance of the Revenue, the following questions have been referred to us for our consideration :

(2.) THE order of the Tribunal does not set out any details. The Tribunal has merely followed the order that it had made for the earlier assessment years from 1984 -85 to 1988 -89. A copy of that order has been placed before us. That order discloses that the assessee owned during those years 61,524 sq. mts. of land on which building existed over an area of 11,962 sq. mts. That position continues for these assessment years also. The assessee was entitled to retain 2,000 sq. mts. of vacant land and, therefore, 47,562 sq. mts. was in excess. The assessee obtained an order from the Government permitting it to retain the land subject to the condition that the same shall not be alienated in any manner and be solely used for its business purposes.

(3.) FOR the asst. yrs. 1989 -90 and 1990 -91 the AO had taken the market value and the CIT(A), on appeal, had chosen to follow the orders for the asst. yrs. 1984 -85 to 1988 -89 wherein also he had adopted the market value. At the time the CIT(A) made the order, on appeal, the order of the Tribunal made for the asst. yrs. 1984 -85 to 1988 -89 which had set aside the orders of the CIT(A) for those years was not available as the decision of the Tribunal was rendered only several months after the disposal of the appeal by the CIT(A), the CIT(A) having decided the appeal on 31st Jan., 1992.