1992 (11) TMI 158 - AT - Wealth-tax

Property valuation appeal allows for nil value due to lack of marketability. Importance for access considered. Car valuation issue rejected.

The appeal was partly allowed with regard to the valuation of the property covered by the road, which was determined to have no marketable value and thus ... Immovable Property, Movable Property, Tax Proceedings, Valuation Date Issues: Valuation of property covered by the road and valuation of cars.Valuation of property covered by the road:The judgment revolves around the valuation of a property covered by a road. The assessee claimed exemption for the property, arguing it was being used as a road not only by them but also by neighboring property owners. The Assessing Officer valued the property based on a report, denying the exemption. The Commissioner (Appeals) acknowledged easement rights but still valued the property to the assessee, allowing a 20% deduction for encumbrance. The assessee contended that the property should be valued at nil due to its use as a public road and the inclusion of its value in conveyance deeds. The Tribunal observed the property was crucial for access to various properties and had easement rights for neighboring owners. It concluded that as the property had no marketable value, it should be valued as nil, overturning the Commissioner's decision.Valuation of cars:The judgment briefly addresses the issue of valuing cars, with the assessee's counsel indicating they were not pressing the matter. Consequently, the ground related to the valuation of cars was rejected as not pressed.In conclusion, the appeal was partly allowed based on the valuation of the property covered by the road, which was determined to be nil due to its lack of marketable value. The issue of valuing cars was not pursued by the assessee's counsel, leading to its rejection.