https://www.taxtmi.com/caselaws?id=3384 The land retained its agricultural character for valuation purposes, and a higher later sale price did not by itself justify treating it as non-agricultural. The Court held that prospective or potential future use may increase market value, but it does not alter the basic nature of land that remains recorded and used as agricultural land unless there is an actual change of user. On that basis, the Tribunal's valuation approach was sustained and both issues were answered in favour of the assessee and against the Revenue. en-us Fri, 14 Jul 2006 00:00:00 +0530 Thu, 24 Apr 2008 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3384 The land retained its agricultural character for valuation purposes, and a higher later sale price did not by itself justify treating it as non-agricultural. The Court held that prospective or potential future use may increase market value, but it does not alter the basic nature of land that remains recorded and used as agricultural land unless there is an actual change of user. On that basis, the Tribunal's valuation approach was sustained and both issues were answered in favour of the assessee and against the Revenue. Case-Laws Wealth-tax Fri, 14 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3384