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Dispute over the valuation of land for assessment year 1989-90. Analysis: The appeal by the revenue was against the order of the Commissioner (Appeals) regarding the valuation of land. The revenue contested the acceptance of the returned value of land at Rs. 1,80,000 instead of the estimated value of Rs. 24,00,000 by the Assessing Officer. The revenue argued that the permission for conversion of the land from agricultural to commercial was granted after the valuation date, and thus, the Assessing Officer's valuation should be upheld. On the other hand, the assessee argued that the land in question was agricultural until the valuation date and that the department failed to provide evidence to the contrary. The assessee highlighted that permission for commercial use was granted after the valuation date and presented comparable cases to support the declared value. The assessee also referred to previous years' cases where similar rates were accepted. The Tribunal examined the contentions, citing relevant legal precedents. It was observed that the Assessing Officer considered sales instances post the valuation date, and the sizes of plots differed. Given that the permission for conversion was granted after the valuation date, the Tribunal found the Assessing Officer's valuation unjustified and upheld the value declared by the assessee. Consequently, the Tribunal dismissed the revenue's appeal, affirming the Commissioner (Appeals) order. In conclusion, the Tribunal's decision centered on the timing of the permission for land use conversion and the relevance of comparable cases in determining the land valuation. The judgment emphasized the importance of considering the circumstances surrounding the valuation date and the need for consistency in valuation methods. The Tribunal's ruling highlighted the significance of evidence and legal precedents in determining the appropriate valuation of property for tax assessment purposes.
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