Raja Azlan Shah J:

This is an appeal by Home Luck Investments Sdn. Bhd. against the decision of the Pesuroh Jaya Ibu Kota, Kuala Lumpur, confirming the annual value of the land held under Grant for land No. 1616 for Lot No. 12 s. 67, Town of Kuala Lumpur of $11,060. The appeal is directed solely to the question of rateability.

The appellants are a Company incorporated in Malaysia and is the registered proprietor of the said land. The area of the said land is approximately 67,887 sq. feet (about 1 1/2; acres). It is a level piece of land situated at Jalan Horley and suitable for buildings or similar uses. The said land was first assessed at an annual value of $7,400 on the basis of the estimated gross rental of the temporary houses on it. The appellants bought the said land in December 1964 for $429,000 i.e., at $6.87 per sq foot. The said temporary buildings were demolished in 1965 and as a result the annual value of the land was assessed as vacant land with effect from 1 July 1965 at $42,900, which is 100f the purchase price. No objection was taken by the applicants to this annual value and rates were paid by them from 1 January 1965 on that annual value. In July 1965 th