The assessee valued the land as per rule 20 of Schedule III at Rs 10, 34 265 . The assessee sold the land\u00a0 for Rs 3,12 20 774 . The WTO valued the land as per market value of the land at Rs 3, 12, 20 774. \u00a0The valuation adopted by the WTO was affirmed by the \u00a0CIT (A)and also Appellate Tribunal . On appeal the \u00a0dismissing the appeal of the assessee the Court held that\u00a0\u00a0 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 \u00a0not to take into a consideration valuation of identical assets immediately preceding or succeeding the valuation date . \u00a0(AY. 1991 -92 )<\/p>\n","protected":false},"excerpt":{"rendered":"
Wealth tax- Act , 1957 <\/p>\n
S.7: Value of assets \u2013 Land \u2013 Valuation date \u2013 Land sold subsequently for which agreement was entered in to before valuation date \u2013 Justified in taking the value on the basis of sale value [ S. 2(q), 27A, Urban Land (Ceiling and Regulation ) Act 1976 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-18849","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4U1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=18849"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18849\/revisions"}],"predecessor-version":[{"id":29964,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18849\/revisions\/29964"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=18849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=18849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=18849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}