https://www.taxtmi.com/caselaws?id=63600 For wealth-tax valuation, land under acquisition should ordinarily be valued on the basis of the presently ascertainable award where final compensation remains pending, because arbitrary estimates divorced from the Land Acquisition Collector's award and market value cannot be sustained. The assessee's inflated compensation claim and the appellate estimate were rejected as unsafe for valuation, and the agricultural land was to be valued by reference to the existing award until acquisition proceedings attain finality. The valuation of the small non-agricultural parcel inside the village at Rs. 16,000 was found reasonable, supported by surrounding land rates, and was not interfered with. en-us Sat, 27 Nov 1976 00:00:00 +0530 Tue, 01 Feb 2011 10:22:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63600 For wealth-tax valuation, land under acquisition should ordinarily be valued on the basis of the presently ascertainable award where final compensation remains pending, because arbitrary estimates divorced from the Land Acquisition Collector's award and market value cannot be sustained. The assessee's inflated compensation claim and the appellate estimate were rejected as unsafe for valuation, and the agricultural land was to be valued by reference to the existing award until acquisition proceedings attain finality. The valuation of the small non-agricultural parcel inside the village at Rs. 16,000 was found reasonable, supported by surrounding land rates, and was not interfered with. Case-Laws Wealth-tax Sat, 27 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63600