Judgment

A.K. Sikri, J.

Leave granted in SLP(C) No. 18960 of 2006.

2. The question of law that falls for determination is common to all these appeals, which is the following: Whether, for the purposes of Wealth Tax Act (hereinafter referred to as the 'Act'), the market value of the vacant land belonging to the assessee should be taken at the price which is the maximum compensation payable to the assessee under the Urban Land Ceiling Act, 1962?

3. For the purposes of understanding the circumstances under which this question has arisen, we are taking note of the facts of Civil Appeal Nos. 6873-6881/2005: The appellant herein is assessed to wealth tax under the Act. The Assessment Years in these appeals are 1977-1978 to 1986-1987. The valuation of the property which is the subject matter of wealth tax under the Act is the urban land appurtenant to Bangalore Palace (hereinafter referred to as the 'Property'). The total extent of the property is 554 acres or 1837365.36 sq. mtr. It comprises of residential units, non-residential units and land appurtenant thereto, roads and masonary structures along the contour and the vacant land. The vacant land measures 11,66,377.34 sq. mtr. The aforesaid