High Court of Judicature at Allahabad
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C.I.T. v. Mahmood Haleem - INCOME TAX REFERENCE No. 72 of 1995  RD-AH 1040 (12 April 2005)
Hon'ble R.K.Agrawal, J.
Hon'ble Rajes Kumar, J.
The Income Tax Appellate Tribunal, Allahabad has referred the following question of law under Section 27(1) of the Wealth Tax Act, 1957 (hereinafter referred to as "the Act") for opinion to this Court:-
"Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was correct in law in holding that the value of the property should be computed by applying yield method but the revisionary value of the land should not be included?"
The reference relates to the Assessment Years 1980-81 and 1981-82.
We have heard Sri A.N.Mahajan, learned Standing Counsel for the Revenue.
In view of the decision of this Court in the case of Commissioner of Wealth Tax v. Ram Saran Kejriwal, (1987) 168 ITR 485, the revisionary value of the land is not to be excluded while determining the value of the property on yield method.
Respectfully following the aforesaid decision, we answer the question of law referred to us in the affirmative, i.e., in favour of the assessee and against the Revenue. There shall be no order as to costs.
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