https://www.taxtmi.com/caselaws?id=214965 Land burdened by the Urban Land (Ceiling & Regulation) Act, 1976 must be valued for wealth-tax by reference to the depressed value it would fetch in a hypothetical open market, because statutory transfer restrictions materially affect marketability. The expression "if sold in the open market" does not justify ignoring the real legal constraints attached to the asset. Where land is surplus or otherwise subject to ceiling-law restrictions, valuation must reflect that burden rather than assume free transferability. A valuation at unrestricted market rate was therefore treated as unsustainable on the stated facts, and the earlier acceptance of a depressed value supported that approach. en-us Tue, 02 Aug 2011 00:00:00 +0530 Thu, 13 Dec 2012 11:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214965 Land burdened by the Urban Land (Ceiling & Regulation) Act, 1976 must be valued for wealth-tax by reference to the depressed value it would fetch in a hypothetical open market, because statutory transfer restrictions materially affect marketability. The expression "if sold in the open market" does not justify ignoring the real legal constraints attached to the asset. Where land is surplus or otherwise subject to ceiling-law restrictions, valuation must reflect that burden rather than assume free transferability. A valuation at unrestricted market rate was therefore treated as unsustainable on the stated facts, and the earlier acceptance of a depressed value supported that approach. Case-Laws Wealth-tax Tue, 02 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214965