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Issues:
1. Dispute regarding exemption under section 5(1)(viii) of the Wealth Tax Act for two cars owned by the assessee. 2. Valuation of the assessee's interest in a partnership firm, including two buildings owned by the firm. 3. Enhancement of the value of the buildings by the Tax Officer without following the provisions of section 16A(i) of the Wealth Tax Act. 4. Argument regarding the fair market value of the buildings based on lease rent and prevailing rent. 5. Validity of the assessment completed on a deceased person. Analysis: 1. The dispute arose concerning the exemption claimed for two cars owned by the assessee under section 5(1)(viii) of the Wealth Tax Act. The Tax Officer allowed exemption for one car but disallowed it for the second car, stating that only one car could be exempted. However, the Appellate CIT upheld this decision without determining if the second car was intended for personal or household use. The tribunal held that there was no limitation on the number of articles for which exemption could be claimed, and the assessee succeeded in claiming exemption for both cars. 2. The valuation of the assessee's interest in a partnership firm, which owned two buildings, was in dispute. The Tax Officer enhanced the value of both buildings based on increased lease amounts. The Appellate CIT provided some relief by reducing the values of the buildings on an estimate basis. The tribunal considered the valuation methodology and upheld the reduction in value for both buildings, as the enhancement by the Tax Officer was not sustainable beyond a prescribed limit. 3. The enhancement of the building values by the Tax Officer without following the provisions of section 16A(i) of the Wealth Tax Act was challenged. The tribunal noted that the Tax Officer's enhancement could not be sustained beyond the prescribed limit without referring the valuation to a Valuation Officer. The tribunal held that the enhancement could not be struck down entirely but could only be sustained up to one-third of the returned value for each building. 4. The argument regarding fair market value based on lease rent and prevailing rent was considered. The tribunal rejected the contention that prevailing rent should be considered, stating that there was no evidence of reduced lease rent after the valuation date. The tribunal limited the enhancement of the building values to one-third of the returned value for each building. 5. Lastly, the validity of the assessment completed on a deceased person was raised. The tribunal held that the assessment completed on a deceased person was a nullity, leading to the allowance of the appeal.
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