https://www.taxtmi.com/caselaws?id=332878 For wealth-tax valuation, land subject to the Urban Land (Ceiling & Regulation) Act, 1976 had to be valued at its depressed market value, because statutory ceiling limits, transfer restrictions, and capped realizable compensation materially reduced what a willing purchaser would pay on the valuation date. The fair market value under the Wealth Tax Act therefore could not be taken on an unrestricted open-market basis where the ceiling regime applied. The excess vacant land was accordingly valued at the lower statutory rate, and the valuation was to reflect the effect of the ceiling law rather than a notional free-market price. en-us Fri, 26 Aug 2016 00:00:00 +0530 Wed, 28 Sep 2016 08:50:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332878 For wealth-tax valuation, land subject to the Urban Land (Ceiling & Regulation) Act, 1976 had to be valued at its depressed market value, because statutory ceiling limits, transfer restrictions, and capped realizable compensation materially reduced what a willing purchaser would pay on the valuation date. The fair market value under the Wealth Tax Act therefore could not be taken on an unrestricted open-market basis where the ceiling regime applied. The excess vacant land was accordingly valued at the lower statutory rate, and the valuation was to reflect the effect of the ceiling law rather than a notional free-market price. Case-Laws Wealth-tax Fri, 26 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332878