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Issues: Valuation of self-occupied property, valuation of agricultural lands, deduction in respect of agricultural land.
Valuation of Self-Occupied Property: The appeals involve common issues related to the valuation of a self-occupied property and agricultural lands. The property in question, located at Moti Doongari Road, was assessed based on the land and building method. The dispute arose regarding the adoption of the land rate at Rs. 150 per sq. mt., which the assessee contested as excessive compared to the actual value. The Tribunal found merit in the assessee's arguments, considering factors such as the size of the plot, presence of constructed property, and appreciation in land values. The Tribunal directed a reduction in the land rates for the three years in question and allowed a further rebate of 10% for the half share of the assessee. The Tribunal also addressed the cost of construction aspect, rejecting additions for unforeseen items and directing the recalculation of the property value by the WTO. Valuation of Agricultural Lands: The second issue pertained to the valuation of agricultural lands at Sahajpura and near Clarks Amber Hotel. The WTO had made additions and increased values based on assessments for different years. The assessee argued for exemptions as agricultural lands, emphasizing the historical agricultural activities on the lands. The Tribunal considered the absence of comparable sale instances and directed reasonable increases in the values adopted by the WTO for the Sahajpura land. In the case of the land near Clarks Amber Hotel, which was under acquisition for an aerodrome, the Tribunal limited the value to the amount of deposit made by the assessee, following a similar decision by the AAC in a related case. Deduction in Respect of Agricultural Land: Regarding the deduction under s. 5(1)(iva) for agricultural land, the WTO had allowed the deduction for certain years. The Tribunal emphasized that the absence of agricultural activities in a specific year does not automatically change the character of the land from agricultural to non-agricultural unless there is evidence of an intention to use the land for non-agricultural purposes. As the Department did not establish such intentions, the deduction was allowed for all relevant years. In conclusion, the Tribunal allowed the appeals of the assessee for all the years, addressing the valuation discrepancies of the self-occupied property and agricultural lands, as well as affirming the deduction for agricultural land based on the established legal principles and factual considerations presented during the proceedings.
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