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2012 (7) TMI 533 - HC - Wealth-taxValuation of immovable property – Open Land - land in question was declared surplus land under the Urban Land [Ceiling & Regulation] Act, 1976 which was having depressing effect on the value of the asset – Held that:- Revenue, having already accepted the depressed valuation during the Assessment Years 1988-89 to 1990 and then for Assessment Year 1991-92, it was not open to the Revenue to assess the property on the basis of the market value, which normally could have fetched without any restriction or prohibition, but ought to have accepted the value of open land with such restriction and prohibition at Rs. 1,44,146/-, as assessed by the Govt. Regd. Valuer - Appellate Tribunal was incorrect in holding that immovable property should be valued as per the open market rate, without any restriction and prohibition - in favour of the Assesee
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