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of <h1>Assessee's appeal partially allowed for property valuation in light of title disputes and non-marketability</h1> The Tribunal partially allowed the assessee's appeal in the case concerning the valuation of a property at Davis Road, Bangalore. It directed the adoption ... Valuation of assets Issues:Valuation of property under litigation for assessment years 1986-87 to 1988-89.Analysis:1. The appeals by the assessee challenged the valuation of a property at Davis Road, Bangalore, measuring 430 sq. mtr., which was under litigation since 1988. The assessee argued that the property's non-marketability due to the ongoing legal disputes should have been considered by the Assessing Officer and Valuation Officer. The property had not been utilized since its purchase in 1969, and civil petitions further diminished its value.2. The Departmental Representative contended that despite the litigation, the property was conveyed to the assessee through a registered sale deed, making it part of the assessee's wealth. The Assessing Officer justified estimating the market value based on the Valuation Officer's report, which highlighted the property's ownership disputes and non-utilization despite being in a developed area.3. The Tribunal noted that the property was under litigation during the relevant assessment years, affecting its market value. Previous litigations and the lack of marketable title were considered, leading to a remittance of the case back to the Assessing Officer for proper valuation in a previous order.4. The Valuation Officer's report highlighted the ongoing disputes and non-transfer of ownership to the assessee, impacting the property's marketability. The Tribunal emphasized the importance of considering the property's disputed title and surrounding circumstances in determining its value, directing the Assessing Officer to adopt specific market values for each valuation date, considering the property's constraints and litigations.5. The decision partially allowed the assessee's appeal, directing the adoption of revised market values for the property for the respective valuation dates, taking into account the property's disputed title and non-marketability due to ongoing legal disputes and constraints.
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