https://www.taxtmi.com/caselaws?id=178517 For valuation of agricultural produce under section 7 of the Bengal Agricultural Income-tax Act read with rule 4(2)(a) of the Bengal Agricultural Income-tax Rules, 1944, the controlling factor is the value of the receipt to the assessee in the accounting year of receipt. If the produce was not sold in that year, market value must be determined by the average local price prevailing during that year. A later seizure and compulsory sale at a regulated procurement rate in the next year does not affect the earlier year's valuation, and subsequent price movements are immaterial. The produce was therefore to be valued at the open market price in the accounting year, not the later procurement rate. en-us Wed, 21 Aug 1957 00:00:00 +0530 Mon, 08 Feb 2016 10:47:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178517 For valuation of agricultural produce under section 7 of the Bengal Agricultural Income-tax Act read with rule 4(2)(a) of the Bengal Agricultural Income-tax Rules, 1944, the controlling factor is the value of the receipt to the assessee in the accounting year of receipt. If the produce was not sold in that year, market value must be determined by the average local price prevailing during that year. A later seizure and compulsory sale at a regulated procurement rate in the next year does not affect the earlier year's valuation, and subsequent price movements are immaterial. The produce was therefore to be valued at the open market price in the accounting year, not the later procurement rate. Case-Laws Income Tax Wed, 21 Aug 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178517