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Section 7 of the Wealth-tax Act, 1957 - Valuation of assts - Immovable property - Assessment years 1995-96 and 1996-97 - Whether immovable property subject to urban land ceiling laws should only be valued as per compensation payable under Urban Land Ceiling Act - Held, yes FACTS The assessee filed a return of wealth for the relevant assessment years. It was found that the value adopted for an immovable property was very low. The Assessing Officer determined higher value of the immovable property on the basis of the Valuation Officer's Report. The assessee filed appeal before the Commissioner (Appeals), contending that the Assessing Officer ought to have appreciated that the land under reference came within the purview of the Urban Ceiling Act and that as on the date of valuation, the land should be valued only as per the compensation payable under the Act. The Commissioner (Appeals) accepted the assessee's contention and accordingly allowed the appeal. On revenue's appeal, the Tribunal also held that the compensation payable under the Tamil Nadu Urban Land (Ceiling and Regulation) Act should be the basis for valuing the property and not by adopting the market rate. On appeal: HELD In view of the settled by the Gujarat High Court in the CIT v. V. G. S. Krishnavati Vahuji Maharaj Kalyanraiji Temple [2003] 264 ITR 517, it was to be held that the Appellate Tribunal was right in holding that immovable property subject to urban land ceiling laws should only be valued as per compensation payable under the Urban Land Ceiling Act. The appeals were to be accordingly dismissed. Note : Decision was in favour of assessee CASE REFERRED TO CIT v. G.S. Krishna vati Vahuji Maharaj Kalyanraiji Temple [2003] 264 ITR 517 (Guj.). T. Ravi Kumar for the Appellant. JUDGMENT P.D. Dinakaran, J.- The above tax case appeals are directed against the order of the Income-tax Appellate Tribunal in W.T.A. Nos. 27 and 163/Mds: of 1999, dated February 17, 2005. The Revenue is the appellant. The assessment years involved are 1995-96 and 1996-97. The assessee filed a return of wealth for the assessment years 1995-96 and 1996-97. It was found that the value adopted for the property situate at…

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