COMMISSIONER OF WEALTH TAX Vs. KANHI RAM SIHI

JUDGEMENT

(1.) 1987 in WTA Nos. 247, 248, 249, 250/Del/1987 for asst. yrs. 1973 -74, 1977 -78, 1978 -79 and 1979 -80 under s. 27 of the WT Act, 1957 (for short, 'the Act') for opinion of this Court :

(2.) compensation. The assessee preferred reference under s. 18 of the Land Acquisition Act, 1894, which was decided by should be taken at 20 per cent. The AO however, held that value of the asset i.e. the right to receive compensation would be the value, which stood determined by this Court. The appellate authority upheld the plea of the assessee, which order has been affirmed by the Tribunal.

(3.) Learned counsel for the Revenue submitted that there was no basis for valuing the right to receive compensation at 20 per cent of the amount of the value determined by the Court. He placed reliance on judgments of the Hon'ble Supreme Court in CWT vs. Smt. Anjamli Khan (1990) 90 CTR (SC) 22 : (1991) 187 ITR 345 (SC), CWT vs. U. C. Mehatab (1998) 149 CTR (SC) 290 : (1998) 231 ITR 501 (SC), and judgment of Delhi High Court in CWT vs. Hari Shankar Rastogi (2001) 170 CTR (Del) 290 : (2002) 254 ITR 80 (Del).