https://www.taxtmi.com/caselaws?id=179264 For stamp duty valuation, market value must rest on relevant material and a fair, rational inquiry. Speculative assumptions about locality and rental value are insufficient where the property is a small house in a non-metropolitan town, and the assessment must also consider factors such as the age of the building, quality of construction, and comparable instances. The article notes that the higher valuation, together with the consequential demand for additional stamp duty and penalty, could not be sustained because the revenue's approach was casual, arbitrary, and unsupported by adequate factual basis. en-us Tue, 09 Jul 1996 00:00:00 +0530 Wed, 24 Feb 2016 17:05:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179264 For stamp duty valuation, market value must rest on relevant material and a fair, rational inquiry. Speculative assumptions about locality and rental value are insufficient where the property is a small house in a non-metropolitan town, and the assessment must also consider factors such as the age of the building, quality of construction, and comparable instances. The article notes that the higher valuation, together with the consequential demand for additional stamp duty and penalty, could not be sustained because the revenue's approach was casual, arbitrary, and unsupported by adequate factual basis. Case-Laws Indian Laws Tue, 09 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179264