https://www.taxtmi.com/caselaws?id=71272 For capital gains valuation, the fair market value of land as on 1-4-1981 cannot be adopted mechanically from a registered valuer's report if it ignores legally operative restrictions on user and transfer. The Assessing Officer also cannot treat the value used in wealth-tax proceedings as conclusive for capital gains purposes. Because the land was subject to restrictions under the Urban Land (Ceiling and Regulation) Act, 1976, those constraints had to be reflected in the valuation. The fair market value was therefore to be determined after allowing for those statutory limitations. en-us Fri, 24 Feb 2006 00:00:00 +0530 Fri, 22 Apr 2011 12:28:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71272 For capital gains valuation, the fair market value of land as on 1-4-1981 cannot be adopted mechanically from a registered valuer's report if it ignores legally operative restrictions on user and transfer. The Assessing Officer also cannot treat the value used in wealth-tax proceedings as conclusive for capital gains purposes. Because the land was subject to restrictions under the Urban Land (Ceiling and Regulation) Act, 1976, those constraints had to be reflected in the valuation. The fair market value was therefore to be determined after allowing for those statutory limitations. Case-Laws Income Tax Fri, 24 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71272