https://www.taxtmi.com/caselaws?id=264397 Vacant land subject to the Urban Land (Ceiling and Regulation) Act, 1976 must be valued for wealth-tax on the basis of open market value under section 7(1) of the Wealth Tax Act, taking ceiling restrictions into account because they depress market value. The statutory compensation under the Ceiling Act does not automatically replace market valuation, although where acquisition is underway and the competent authority has fixed maximum compensation for excess land, that amount may reflect the value a willing purchaser would pay. The excess vacant land was valued at the compensation figure, while the remaining vacant land had to be separately valued and included for wealth-tax purposes. en-us Mon, 21 Sep 2015 00:00:00 +0530 Sat, 07 Nov 2015 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264397 Vacant land subject to the Urban Land (Ceiling and Regulation) Act, 1976 must be valued for wealth-tax on the basis of open market value under section 7(1) of the Wealth Tax Act, taking ceiling restrictions into account because they depress market value. The statutory compensation under the Ceiling Act does not automatically replace market valuation, although where acquisition is underway and the competent authority has fixed maximum compensation for excess land, that amount may reflect the value a willing purchaser would pay. The excess vacant land was valued at the compensation figure, while the remaining vacant land had to be separately valued and included for wealth-tax purposes. Case-Laws Wealth-tax Mon, 21 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264397