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Issues:
1. Whether the Tribunal ignored material facts and evidence regarding comparative sales in upholding the order of the Appellate Assistant Commissioner. 2. Whether the findings of the Tribunal were vitiated by ignoring relevant facts and material, and by misstatement of facts. 3. Whether the assessee could claim different rates of valuation for similar property before different authorities, and if the Tribunal was justified in holding the land value at Rs. 12,000 per bigha. 4. Whether the Tribunal ignored the principle of law laid down by the Hon'ble Allahabad High Court in a specific case regarding the market value of the remaining property. Analysis: 1. The Commissioner of Wealth-tax filed applications under section 27(3) of the Wealth-tax Act concerning questions of law arising from the Income-tax Appellate Tribunal's order. The Tribunal upheld the Appellate Assistant Commissioner's order directing the Wealth-tax Officer to value agricultural land at Rs. 12,000 per bigha. The Tribunal considered the location of the land in dispute, which was away from the main road near a small village, and concluded that the value for which land on the main road was sold could not be the basis for valuation. The Tribunal did not agree with the departmental valuer's report of Rs. 75,000 per bigha as the location of the two lands was different, and no other material justified this valuation. 2. The Tribunal's findings were challenged on the grounds of ignoring relevant facts, material, and misstatement of facts. However, the court found that the Tribunal did not ignore any relevant material. The argument that the sale price of another plot was ignored was dismissed as irrelevant since the location of the plots was different, making that sale price unsuitable for valuation. The court also noted that the Department failed to point out any misstatement of fact, and the application did not mention any such misstatement. 3. The issue of the assessee claiming different rates of valuation for similar property before different authorities was addressed. The valuation under the Wealth-tax Act is based on the price the land would fetch in the open market, specifically as agricultural land. The court explained that the valuation for land acquisition proceedings, where compensation was claimed based on potential value as a building site, was not the same basis for determining Wealth-tax valuation. Therefore, the assessee rightly claimed different rates for the two proceedings. 4. The Tribunal's decision was also challenged for allegedly ignoring a legal principle established by the Allahabad High Court in a specific case. However, the court found that this question did not raise any legal issue, similar to questions 2 and 3. The court concluded that all the applications failed, and they were rejected.
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