https://www.taxtmi.com/caselaws?id=69752 Surplus agricultural lands declared under the Tamil Nadu Land Reforms Act remained includible in the assessee's net wealth until statutory vesting occurred on publication of the section 18(1) notification; as that notification had not been issued on the valuation dates, ownership continued in law. For wealth-tax valuation, section 7 required open-market estimation on the relevant date, but guideline value for registration was unsuitable because the lands were subject to statutory restriction and impending vesting. The Tribunal therefore accepted inclusion in net wealth, but reduced the Wealth-tax Officer's valuation and directed assessment on its own lower estimated figures. en-us Fri, 07 Mar 1980 00:00:00 +0530 Mon, 11 Apr 2011 18:39:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69752 Surplus agricultural lands declared under the Tamil Nadu Land Reforms Act remained includible in the assessee's net wealth until statutory vesting occurred on publication of the section 18(1) notification; as that notification had not been issued on the valuation dates, ownership continued in law. For wealth-tax valuation, section 7 required open-market estimation on the relevant date, but guideline value for registration was unsuitable because the lands were subject to statutory restriction and impending vesting. The Tribunal therefore accepted inclusion in net wealth, but reduced the Wealth-tax Officer's valuation and directed assessment on its own lower estimated figures. Case-Laws Income Tax Fri, 07 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69752