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BHARGAV D. KARIA, NIRAL R. MEHTA
Natraj – Appellant
Versus
Commissioneer Of Income Tax V – Respondent
JUDGMENT :
Bhargav D. Karia, J.
1. Heard learned advocate Mr.B.S.Soparkar for the appellant and learned Senior Standing Counsel Mr.Varun K.Patel for the respondent no.1.
2. This Cross-objection is Admitted by order dated 18.04.2023 by this Court as under:
(i) Whether, in the facts and circumstances of the case, the Income Tax Appellate Tribunal has erred in law and on facts in determining fair market value of Rs.800 per sq yd as on 1.4.1981 by ignoring the fair market value determined by the approved valuer at Rs.1200/- per sq yd?
(ii) Whether, in the facts and circumstances of the case, the Income Tax Appellate Tribunal has erred in law and on facts in sitting over an appeal over wisdom of approved valuer and rejecting the fair market value determined by approved valuer in spite of the fact that revenue has made no efforts
The fair market value of leasehold rights must be determined considering the lessee's perspective, and valuation reports from approved valuers should be given appropriate weight.
Market value in land acquisition cases must reflect current assessments by expert committees rather than outdated valuations, ensuring fair compensation aligns with statutory requirements.
Valuations by Expert Committees are essential in determining adequate compensation for land acquisition, reflecting market realities rather than outdated assessments.
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