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Assessment of wealth tax on land ownership without registered sale deed. Determination of value of land and compound wall for wealth tax purposes. Discrepancy in valuation leading to appeals and tribunal decision. Analysis: The case involves the assessment of wealth tax on land ownership without a registered sale deed and the determination of the value of the land and compound wall for wealth tax purposes. The assessee allowed a trust to construct buildings on the land for charitable purposes. The Wealth-tax Officer assessed the value of the land at Rs. 2,72,894 and added the value of the compound wall at Rs. 1,50,000, resulting in a total wealth value of Rs. 4,22,894. The Commissioner of Wealth-tax (Appeals) upheld the levy of wealth tax but directed the Assessing Officer to consider the value of the land as per the sale deed. The Department appealed this decision, leading to the Appellate Tribunal determining the value of the wealth at Rs. 1,05,720, based on the lack of evidence provided by the assessee regarding the property's purchase price. The Department contested the Commissioner's directive to adopt the sale deed value, while the assessee did not appeal. The Tribunal's decision was based on the lack of information regarding the property's purchase price and previous valuation. The Tribunal concluded that the value of the property for wealth tax purposes should be Rs. 1,05,720. The Court held that no legal questions arose from the Tribunal's order as suggested by the assessee, leading to the dismissal of all tax case petitions without costs. The judgment emphasizes the importance of providing evidence and details in tax assessments to support valuation decisions and appeals.
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