The assessee valued the land as per rule 20 of Schedule III at Rs 10, 34 265 . The assessee sold the land for Rs 3,12 20 774 . The WTO valued the land as per market value of the land at Rs 3, 12, 20 774. The valuation adopted by the WTO was affirmed by the CIT (A)and also Appellate Tribunal . On appeal the dismissing the appeal of the assessee the Court held that the WTO was justified in taking the value at Rs. 3 12, 20 774 . The Court also observed that for determining the value of the asset as on the valuation date there cannot be any embargo on the WTO not to take into a consideration valuation of identical assets immediately preceding or succeeding the valuation date . (AY. 1991 -92 )
Mahendra J. Vora v . Dy .CWT (2020) 187 DTR 25/ 313 CTR 355 (Bom)(HC) Editorial: SLP of assessee dismissed Mahendra J. Vora v. Dy.CWT ( 2022) 446 ITR 11 ( St) ( SC)
Wealth tax- Act , 1957
S.7: Value of assets – Land – Valuation date – Land sold subsequently for which agreement was entered in to before valuation date – Justified in taking the value on the basis of sale value [ S. 2(q), 27A, Urban Land (Ceiling and Regulation ) Act 1976 ]