Decided on March 27,1982



George Cheriyan, Accountant Member - (1.) WT Appeal Nos. 399 and 400 (Hyd.) of 1981 are appeals by the revenue relating to the assessment years 1969-70 and 1970-71 and WT Appeal Nos. 366 to 370 (Hyd.) of 1981 are appeals by the assessee relating to the assessment years 1971-1972 to 1975-76. All the appeals arise out of the wealth-tax proceedings and are, accordingly, considered together and disposed of by this order.
(2.) We would first take up for disposal the appeals filed by the assessee relating to the assessment years 1971-72 to 1975-76 wherein we shall set out the relevant facts which would also be necessary for disposing of the appeals filed by the revenue. The assessee owned 7.31 acres of land situated in town survey No. 1008 in Waltair Ward, Visakhapatnam. There was a notification dated 30-9-1965 that the land was to be acquired for town planning purposes. In consequence of this notification, possession of land was taken on 25-9-1970 on which date the Land Acquisition Officer also passed an award. By this award compensation of Rs. 88,755 was awarded as also solatium at 15 per cent, i.e., Rs. 13,313 making an aggregate of Rs. 1,02,068. This compensation was received shortly thereafter and it is not in dispute that it was duly accounted for in the books prior to 31-3-1971 which was the valuation date relating to the assessment year 1971-72.
(3.) THERE was a reference by the assessee seeking enhancement of the compensation awarded. This matter came to be decided in O.F. No. 59 of 1971 by the court of the sub-judge, Visakhapatnam. The date of judgment was 5-2-1974 which date fell prior to 31-3-1974, i.e., the valuation date relevant to the assessment year 1974-75 and obviously prior to 31-3-1975, the valuation date relevant to the assessment year 1975-76. By this judgment the sub-judge awarded enhanced compensation which was fixed at Rs. 6,90,667, 15 per cent solatium was also awarded. This came to Rs. 1,03,000 making a total of Rs. 7,94,267. Deducting the compensation and solatium originally awarded of Rs. 1,02,068, the assessee, in terms of the judgment of the sub-judge, would have become entitled to enhanced compensation and solatium to the extent of Rs. 6,92,199 which after certain adjustments should be taken at Rs. 6,93,187. This would be the correct figure as against the figure mentioned by the WTO of Rs. 6,94,719. The sub-judge also awarded interest of Rs. 84,787.;

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