https://www.taxtmi.com/caselaws?id=64921 Valuation of a gifted house property for gift-tax turned on the fair market value method, the treatment of unearned increase payable to the DDA, and whether Rule 1BB of the Wealth-tax Rules should guide valuation. The Tribunal held that unearned increase had to be fully adjusted in determining market value, and that valuation based on the land-and-building method required proper comparable sales support and accurate factual assumptions. It also accepted the principle of consistency between wealth-tax and gift-tax valuation, so the same property should not be valued differently for the two taxes when both depend on fair market value. The GTO's independent valuation power was recognised, but the declared value was ultimately accepted under Rule 1BB. en-us Wed, 13 Apr 1988 00:00:00 +0530 Fri, 11 Feb 2011 11:56:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64921 Valuation of a gifted house property for gift-tax turned on the fair market value method, the treatment of unearned increase payable to the DDA, and whether Rule 1BB of the Wealth-tax Rules should guide valuation. The Tribunal held that unearned increase had to be fully adjusted in determining market value, and that valuation based on the land-and-building method required proper comparable sales support and accurate factual assumptions. It also accepted the principle of consistency between wealth-tax and gift-tax valuation, so the same property should not be valued differently for the two taxes when both depend on fair market value. The GTO's independent valuation power was recognised, but the declared value was ultimately accepted under Rule 1BB. Case-Laws Income Tax Wed, 13 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64921