https://www.taxtmi.com/caselaws?id=66957 Estate duty valuation of 8.5 acres of cotton-growing land was assessed by reference to net receipt rather than gross cotton sale proceeds, because a five-times multiplier cannot be applied on gross turnover when the underlying basis is net income. Comparable sales of adjoining land supported the appellate valuation, with market instances around Rs. 1,500 to Rs. 2,000 per acre making the adopted figure of Rs. 3,000 per acre reasonable. The valuation fixed by the Appellate Controller was therefore upheld and the revenue challenge failed. en-us Tue, 17 May 1977 00:00:00 +0530 Mon, 23 Jan 2012 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66957 Estate duty valuation of 8.5 acres of cotton-growing land was assessed by reference to net receipt rather than gross cotton sale proceeds, because a five-times multiplier cannot be applied on gross turnover when the underlying basis is net income. Comparable sales of adjoining land supported the appellate valuation, with market instances around Rs. 1,500 to Rs. 2,000 per acre making the adopted figure of Rs. 3,000 per acre reasonable. The valuation fixed by the Appellate Controller was therefore upheld and the revenue challenge failed. Case-Laws Income Tax Tue, 17 May 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66957