https://www.taxtmi.com/caselaws?id=263184 For wealth-tax purposes, the value of an assessee's disputed interest in land must be determined on the relevant valuation date under the prescribed valuation method, not by reference to a later compromise deed. A settlement amount received in a subsequent year for relinquishment of rights was treated as unreliable for fixing earlier market value because it reflected settlement dynamics and future expectations, not open market value on the valuation dates. For land and building, the Wealth-tax Act and Rules require valuation by recognised modes on the valuation date, and the circle rate was accepted as a reasonable indicator of fair market value. The Assessing Officer's reliance on the later compromise amount, without supporting material or reference to the valuation officer, was rejected. en-us Fri, 14 Aug 2015 00:00:00 +0530 Fri, 28 Aug 2015 07:50:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263184 For wealth-tax purposes, the value of an assessee's disputed interest in land must be determined on the relevant valuation date under the prescribed valuation method, not by reference to a later compromise deed. A settlement amount received in a subsequent year for relinquishment of rights was treated as unreliable for fixing earlier market value because it reflected settlement dynamics and future expectations, not open market value on the valuation dates. For land and building, the Wealth-tax Act and Rules require valuation by recognised modes on the valuation date, and the circle rate was accepted as a reasonable indicator of fair market value. The Assessing Officer's reliance on the later compromise amount, without supporting material or reference to the valuation officer, was rejected. Case-Laws Wealth-tax Fri, 14 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263184