JUDGMENT :

AJOY KUMAR MUKHERJEE, J.

1. Being aggrieved and dissatisfied with the order dated 22nd September, 2014 passed by the learned 2nd Bench, Municipal Assessment Tribunal, The Kolkata Municipal Corporation (in short KMC) in M.A. Appeal No. 3442 of 2008 arising out of an order dated 25.07.2008 passed by the Hearing Officer-II relating to fixation of annual valuation in respect of the premises no. 770, Anandapur, Ward No. 108, for the period with effect from 1st quarter of 2007-2008, present application under Article 227 has been preferred. The petitioner contended that the opposite party herein applied to Kolkata Metropolitan Development Authority (hereinafter called as KMDA) for the purpose of obtaining lease of the plot of land measuring an area of 2.5 acres which was in process of acquisition by the State Government for the purpose of the KMDA. Since the KMDA was not in a position to grant lease, the KMDA and the opposite party agreed to enter into an agreement of “License” in respect of the said plot. The agreement of license enabled M/S. south City Projects (Kolkata) Limited to carry on construction, ‘infrastructure Tower’ and to use the same for 99 years on certain terms and conditions and also the opposite party agreed to make a payment of consideration/premium amount of Rs. 11,34,37,500/- plus rent. Accordingly the deed of license was executed on 24th December, 2007 and the said consideration amount was paid to KMDA by the opposite party.

2. Now petitioners contention is that the said grant of license in contemplation of execution of a lease is nothing but a transfer of interest and right of possession and right of user in respect of the said plot of land to South city Project (Kolkata) limited. Initially petitioner contended that in law right of ownership of the said land remained with KMDA but the property for the period of 99 years belongs to M/S South City Projects (Kolkata) Limited. Accordingly petitioner contended that granting lease of the said land for 99 years in favour of said projects limited under section 105 of Transfer of the Property Act ought to be considered that there had been a rightful separation of ownership from possession and they have transferred interest of possession and the usufructs in the said plot of land to the said projects limited and under the agreement of license the said City Projects Limited also took the liability to pay all taxes and dues on and from 24.12.2007. The opposite party applied for mutation of the name with the KMC record as person liable to pay taxes and the KMC authority granted mutation recording the name of the opposite party as person liable and also granted assessee number. Afterwards authority of the KMC served notice upon opposite party proposing the annual valuation to be fixed at Rs. 79,40,620/- for the period with effect from 1st quarter of 2007-2008 as per the provisions of the KMC Act, 1980 and also invited objection. The opposite party herein accordingly filed objection and opposite party was heard and considering the documents as placed before the hearing officer, the hearing officer fixed the annual valuation for the period with effect from 1st quarter 2007-08 to the tune of Rs. 79,40,620/- taking into account the basis at the rate of 7% of the market value as provided under section 174 of the KMC Act 1980. The o