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Issues:
1. Treatment of income tax refund as net wealth for assessment year 1979-80. 2. Inclusion of the value of Kanchanjunga flat in the net wealth for assessment years 1979-80 and 1980-81. 3. Treatment of market value of books as exempt under section 5(1)(xii) of the Wealth Tax Act, 1957. 4. Reduction of the value of valuable right in the share of flat. Analysis: 1. The judgment involved cross-appeals by the assessee and the Revenue for assessment years 1979-80 and 1980-81. The issue for 1979-80 was the treatment of income tax refund as net wealth. The Wealth-tax Officer included the refund amount in the net wealth based on the income tax return, but the assessment for the relevant year was pending. The CWT (Appeals) directed to include the refund if finally determined. The assessee relied on a Gujarat High Court decision stating that a future tax refund cannot be considered an asset until finalized. The Tribunal agreed with this reasoning and held that the estimated refund could not be included in the net wealth. 2. Regarding the valuation of the Kanchanjunga flat, as there was no conveyance deed in favor of the assessee, the rights in the flat were evaluated based on possession, enjoyment, and transfer rights with permission. The valuation was upheld by the Tribunal as per the ratable valuation fixed by the municipal committee. The assessee's claim of valuation was also considered, and the Tribunal rejected any grievance against the valuation. 3. The Revenue's common ground on the market value of books being exempt under section 5(1)(xii) was rejected based on the ITAT Delhi Benches decision in another case. The Tribunal upheld the decision of the lower authority in this regard. 4. The issue of reducing the value of the valuable right in the share of the flat was also addressed. The Tribunal upheld the valuation of the right at Rs. 3,12,300 for both years under appeal. The Tribunal noted that the assessee's claim of valuation was accepted by the lower authority, and therefore, no grievance could be made against it. 5. In conclusion, the Tribunal partially allowed the appeal for the assessment year 1979-80, while dismissing the appeal for the assessment year 1980-81. The Revenue's appeals were also dismissed based on the Tribunal's decisions on various grounds. This detailed analysis covers the issues raised in the judgment, providing a comprehensive understanding of the Tribunal's decision on each matter.
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