- (1.) The present appeal has been filed by the assessee against the order passed by the learned Tribunal for the asst. year 1999-2000.
(2.) The appeal was admitted in terms of the following questions. (i) Whether, upon a true and proper construction of the final decree dt. 10th Feb., 1986 in Title Suit No. 84 of 1956 and the Compromise Petition on the basis of which the same was passed, the Tribunal was justified in law in holding that the sum of Rs. 1,00,000 was mentioned therein as representing the fair market value of the property in the year 1986 or that there are any admission in that regard by the appellant and its purported findings in that behalf are arbitrary, unreasonable and perverse ? (ii) Whether the. Tribunal was justified in law in rejecting the report dt. 20th Sept., 1994 of M/s Talbot & Co. determining the fair market value as on 1st April, 1981 at Rs. 1,35,000 per cottah on the basis of sale instances relating to properties at Wood Street and Ashoka Road, Alipore and in estimating the value of Rs. 75,000 per cottah and its purported findings in that behalf are arbitrary, unreasonable and perverse ?
(3.) Mr. Deb, learned advocate for the Revenue, had taken a very interesting point on the question of the method adopted by Talbot & Co., the valuer, for arriving at the valuation of the property on the strength of the report of the valuer which indicates the comparison made. He rightly points out that the valuation was assessed on the basis of the two comparable properties, one at Wood Street and the other at Ashoka Road, which is situated far away from the property under valuation situated at Puma Das Road. Admittedly, the three areas are completely different and the same cannot be comparable units for arriving at a proper valuation of the property. We do not think that there could be any doubt or dispute with regard to the proposition as stated by Mr. Deb and the valuation arrived at could well be said to be unreliable and without following the principles of valuation established in law. In such a situation, the valuation is to be made on the strength of the comparable units of the neighbouring area or adjacent to the properties. The same having not been done, it is very difficult to assail the finding of the Tribunal in rejecting the valuation made by the valuer.;