https://www.taxtmi.com/caselaws?id=63537 Leasehold rights gifted in a residential plot were required to be valued at market value, but only after accounting for the restrictive covenants in the sub-lease and the lessor's right to recover fifty per cent of the unearned increase. The acquisition cost could not be treated as the taxable value merely because the interest was originally obtained at that amount. The valuation therefore had to reflect the contractual burden attached to transfer, and deduction of the unearned increase was directed, giving the assessee limited relief on that aspect. en-us Thu, 30 Jun 1988 00:00:00 +0530 Mon, 31 Jan 2011 15:47:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63537 Leasehold rights gifted in a residential plot were required to be valued at market value, but only after accounting for the restrictive covenants in the sub-lease and the lessor's right to recover fifty per cent of the unearned increase. The acquisition cost could not be treated as the taxable value merely because the interest was originally obtained at that amount. The valuation therefore had to reflect the contractual burden attached to transfer, and deduction of the unearned increase was directed, giving the assessee limited relief on that aspect. Case-Laws Income Tax Thu, 30 Jun 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63537