https://www.taxtmi.com/caselaws?id=183255 For estate duty valuation of tenanted property, the principal value must reflect the open-market price subject to the legal restrictions affecting the premises. Where rent control law governs the building, the landlord cannot assume a notional higher rent or a speculative market divorced from statutory ceilings and tenancy incidents; controlled fair rent is the proper basis for assessing what a willing buyer would pay. On those facts, the land-and-building method was treated as unsuitable because the property was tenanted and income was statutorily regulated, and the Tribunal's rental valuation was upheld in favour of the assessee. en-us Wed, 24 May 1967 00:00:00 +0530 Thu, 02 Jun 2016 18:31:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183255 For estate duty valuation of tenanted property, the principal value must reflect the open-market price subject to the legal restrictions affecting the premises. Where rent control law governs the building, the landlord cannot assume a notional higher rent or a speculative market divorced from statutory ceilings and tenancy incidents; controlled fair rent is the proper basis for assessing what a willing buyer would pay. On those facts, the land-and-building method was treated as unsuitable because the property was tenanted and income was statutorily regulated, and the Tribunal's rental valuation was upheld in favour of the assessee. Case-Laws Income Tax Wed, 24 May 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183255