https://www.taxtmi.com/caselaws?id=71817 Urban land governed by the Urban Land (Ceiling & Regulation) Act, 1976 had to be valued for wealth-tax on the valuation date with the statutory ceiling restrictions in mind. Only the retainable 1,500 sq. mtrs. could be taken at market value, while the excess land, being subject to acquisition and statutory fetters, could not be valued as unrestricted property; it had to reflect the compensation payable under the ceiling law. Remote or contingent possibilities of retaining additional land did not justify a higher valuation. The first appellate valuation approach was upheld and the revisional order was required to be modified accordingly. en-us Tue, 01 Feb 1994 00:00:00 +0530 Wed, 27 Apr 2011 12:10:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71817 Urban land governed by the Urban Land (Ceiling & Regulation) Act, 1976 had to be valued for wealth-tax on the valuation date with the statutory ceiling restrictions in mind. Only the retainable 1,500 sq. mtrs. could be taken at market value, while the excess land, being subject to acquisition and statutory fetters, could not be valued as unrestricted property; it had to reflect the compensation payable under the ceiling law. Remote or contingent possibilities of retaining additional land did not justify a higher valuation. The first appellate valuation approach was upheld and the revisional order was required to be modified accordingly. Case-Laws Wealth-tax Tue, 01 Feb 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71817