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2009 (8) TMI 67

..... not change. It is only provided for freezing the valuation of the residential house at the option of the assessee and nothing more. This Court has further held that in several cities there are old bungalows having large area running into several acres of land but nonetheless they are treated as one residential house. The vacant land which is there in the house is being used as garden, lawns etc. a .....

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..... nd in the circumstances of the Case, the Tribunal was justified in law in upholding the order of Dy. CIT (Appeals) who directed the assessing officer to allow full exemption u/s 5 (i) (iv) in respect of the house as well as the land referred to in ground no. (A) above, when the value of this land had been separately shown by the assessee himself? 2. Briefly stating the facts giving rise to the pre .....

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..... eferred separate appeals before the Appellate Tribunal which upheld the order of the first Appellate Authority. Hence, this appeal by the Revenue. 3. Heard learned counsel for the parties and perused the record. 4. Learned Standing Counsel for the department has very fairly conceded that the controversy involved in the present appeals is squarely covered by the judgment rendered in Wealth Tax Refe .....

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..... bungalows having large area running into several acres of land but nonetheless they are treated as one residential house. The vacant land which is there in the house is being used as garden, lawns etc. and, therefore, could not have been valued separately. 6. Also in Wealth Tax Appeal No. (25) of 2000 and (27) of 2000 (Commissioner of Income Tax and another Vs. Raj Narain Mehrotra) decided on 25. .....

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