https://www.taxtmi.com/caselaws?id=62457 Valuation in income-tax proceedings must be a fair and balanced estimate based on relevant yield, comparable circumstances and local market conditions. The house property valuation was directed to be computed at 14 times the net rental income after statutory allowances, since the lower estimate was excessive when tested against the immediately preceding year and the prevailing rise in land and building prices. The low land valuation was also reduced to Rs. 100 per decimal because the property was low-lying, away from the roadside and the earlier valuation was considered excessive on the facts. Partial relief was thus granted to the assessee. en-us Sat, 21 Jul 1979 00:00:00 +0530 Wed, 19 Jan 2011 18:58:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62457 Valuation in income-tax proceedings must be a fair and balanced estimate based on relevant yield, comparable circumstances and local market conditions. The house property valuation was directed to be computed at 14 times the net rental income after statutory allowances, since the lower estimate was excessive when tested against the immediately preceding year and the prevailing rise in land and building prices. The low land valuation was also reduced to Rs. 100 per decimal because the property was low-lying, away from the roadside and the earlier valuation was considered excessive on the facts. Partial relief was thus granted to the assessee. Case-Laws Wealth-tax Sat, 21 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62457