Supreme Court · 2015 INSC 682 · Decided 21 September 2015
Sri S.N. Wadiyar (Dead) Through LR v. Commissioner of Wealth Tax, Karnataka
- Court
- Supreme Court of India
- Citation
- 2015 INSC 682 · [2015] 9 S.C.R. 1059
- Case number
- CIVIL APPEAL No. 6873/2005
- Decided
- 21 September 2015
- Bench
- A.K. SIKRI, R.F. NARIMAN (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 3
Headnote
B Wealth Tax Act, 1957: ss. 7, 10 - Valuation of vacant land - Proceedings in respect of property in question under c the Ceiling Act - Maximum compensation payable to assessee in respect of excess land declared under the Ceiling Act assessed at Rs.2 lakhs - Whether the value of to the property, should be taken at Rs. 2 lakhs for the purpose of wealth tax assessment as D having regard to the provisions of the Urban Land Ceiling Act, the maximum amount of compensation payable to the assessee is only Rs. 2 lakhs- Held: If the property is covered by the Ceiling
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