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Section 7 of the Wealth-tax Act, 1957 - Valuation of assets - Immovable property - Assessment years 1991-92 to 1994-95 - 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 fixed a higher value based on the Valuation Officer's report. On second appeal, the Tribunal held that the property should be valued as per the compensation payable under the Tamil Nadu Urban Land (Ceiling & Regulation) Act, as it would be within the purview of that Act. On appeal: HELD In view of the settled law in different High Courts' decisions the Tribunal was right in holding that the immovable property subject to urban land ceiling laws should only be valued as per compensation payable under the Urban Land Ceiling Act. Note : Decision was in favour of assessee CASES REFERRED TO CWT v. K.S. Ranganatha Mudaliar [1984] 150 ITR 619 (Mad.), CIT v. R. Padmavathy Ammal [1998] 230 ITR 922 (Mad.), CIT v. G.S. Krishnavati Vahuji Maharaj Kalyanraiji Temple [2003] 264 ITR 517 (Guj), CWT v. Simpson and General Finance Co. Ltd. (No : 1)[2006] (2006) 285 ITR 429 (Mad.) and CWT v. Shardlow India Ltd. [2006] (2006) 285 ITR 426 (Mad.). Mrs. Pushya Sitaraman for the Appellant. JUDGMENT P.D. Dinakaran, J.- The tax case appeals Nos. 1452 to 1455 of 2005 are directed against the order of the Income-tax Appellate Tribunal in M. P. Nos. 188 to 191/Mds/2004 in W.T.A. Nos. 258 to 261/Mds/96 dated November 5, 2004 for the assessment years 1991-92 to 1994-95. The Revenue is the appellant. The assessment years involved are 1991-92 to 1994-95. the assessee filed a return of wealth for the assessment years 1991-92 to 1994-95. It was found that the value adopted for the property situate at Sembiam and Madhavaram was very low. The values were obtained from the District Valuation Officer, and the Assessing Officer fixed the value based on the valuation officer's report. Aggrieved by the assessment order, the assessee filed an appeal before…

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