Valuation Tribunal had not erred in assessing valuation of national railway network

High Court, in answer to case stated by the Valuation Tribunal concerning the rateable valuation of the national railway network belonging to the State railway company determines: (a) that the Tribunal had not erred in determining that depreciation of the company's tenant's items was an allowable expense in the Receipts and Expenditure (R&E) calculation; (b) that the Tribunal had not erred in determining that a payroll saving of €4.8 million resulting from a 'pay reduction agreement' should not have been included as a reduction in the company's costs in the calculation; and (c) that the Tribunal had not erred in determining that the Commissioner for Valuation was not entitled to have regard to the pay reduction agreement while accepting that the net annual valuation of the property was to be assessed on the company's 2014 accounts.