Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Wealth Tax Act 10 - Valuation of vacant land - Proceedings in respect of property in question under the Ceiling Act 1957: ss. 7 |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Allowed |
Headnote | Wealth Tax Act, 1957: ss. 7, 10 - Valuation of vacantland - Proceedings in respect of property in question underthe Ceiling Act - Maximum compensation payable toassessee in respect of excess land declared under theCeiling Act assessed at Rs.2 lakhs - Whether the value ofthe vacant land, appurtenant to the property, should be takenat Rs. 2 lakhs for the purpose of wealth tax assessment as having regard to the provisions of the Urban Land CeilingAct, the maximum amount of compensation payable to theassessee is only Rs. 2 lakhs- Held: If the property is coveredby the Ceiling Act, it would depress the value of the property- Thus, value could not be more than Rs. 2 lakhs which was the maximum compensation payable under the Ceiling Actfor wealth tax assessment for the relevant assessment years- Urban Land Ceiling Act, 1962. |
Judge | Hon'ble Mr. Justice Arjan Kumar Sikri |
Neutral Citation | 2015 INSC 682 |
Petitioner | Sri S.n. Wadiyar (dead) Through Lr |
Respondent | Commissioner Of Wealth Tax, Karnataka |
SCR | [2015] 9 S.C.R. 1059 |
Judgement Date | 2015-09-21 |
Case Number | 6873-6881 |
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