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Issues Involved
1. Valuation of land at Vejalpur. 2. Ownership and compensation of land at Panchpakhadi Village. 3. Valuation of land at Village Navapada. 4. Valuation of let-out property in Bombay. 5. Valuation of Thane property. Detailed Analysis 1. Valuation of Land at Vejalpur The primary issue was whether the AAC erred in directing the WTO to value 1544 sq. meters of land at Vejalpur at Rs. 15 per sq. meter instead of Rs. 54 per sq. meter. The Departmental Representative argued that the AAC wrongly reduced the value, as the assessee had adopted Rs. 54 per sq. meter for the remaining part of the land. The assessee's counsel contended that the disputed land was a strip under reservation and unsaleable, valued by an approved valuer at Rs. 5 per sq. meter due to Urban Land (Ceiling and Regulation) Act, 1976. The Tribunal found the method adopted by the approved valuer reasonable and justified, confirming the AAC's valuation at Rs. 15 per sq. meter. Consequently, the Revenue's ground failed. 2. Ownership and Compensation of Land at Panchpakhadi Village The second issue involved the AAC's decision that the assessee did not have an actionable claim or right to compensation for land at Panchpakhadi Village, despite receiving Rs. 1,90,400. The Departmental Representative argued that the compensation was not ex gratia, as the assessee claimed ownership after her mother's death. The assessee's counsel argued that the land had been transferred to Thane Municipal Council in 1960-63, and the claim for compensation was made only in 1978-79. The Tribunal agreed that the land had been under the Municipal Council's possession for over 15 years, and any claim was barred by limitation. Thus, the AAC's direction to take the value at Rs. Nil was upheld, dismissing the Revenue's grounds. 3. Valuation of Land at Village Navapada The third issue was whether the AAC erred in directing the WTO to accept the value of Rs. 40,000 for land at Village Navapada. The Departmental Representative argued that the value was low compared to compensation received for other land. The assessee's counsel contended that the value was based on an approved valuer's report and had been consistently shown in estate duty returns. The Tribunal found the WTO's basis for enhancement incorrect and upheld the AAC's acceptance of the declared value. Consequently, the Revenue's ground was dismissed. 4. Valuation of Let-Out Property in Bombay The fourth issue involved the AAC's decision to reduce the value of the let-out portion of the Bombay property to Rs. 32,580 from Rs. 2,47,500 for asst. yr. 1978-79 and to accept the declared value for asst. yr. 1979-80. The Departmental Representative argued that the valuation should be based on an agreement of sale for Rs. 5,50,000. The assessee's counsel argued that the agreement required the property to be vacated by tenants, and the value of tenanted property was lower. The Tribunal agreed that the tenanted portion should be valued based on rent capitalisation, as supported by a registered valuer's report. The AAC's decision was upheld, dismissing the Revenue's grounds. 5. Valuation of Thane Property The fifth issue was whether the AAC erred in directing the WTO to adopt the value of Thane land at Rs. 2,60,400 as declared by the assessee. The Departmental Representative argued that the value should be Rs. 5,00,000 based on a revised return. The assessee's counsel contended that the revised return was an error, and the declared value was correct. The Tribunal found no reason to interfere with the AAC's findings, as the declared value included Rs. 1,90,400 for land at Panchpakhadi Village, which had been upheld in earlier years. The AAC's direction to accept the declared value was confirmed. Conclusion All the appeals by the Revenue were dismissed, and the AAC's orders were upheld on all issues.
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