https://www.taxtmi.com/caselaws?id=6609 The Court upheld the Tribunal's decision to ignore the value of the land surrounding the buildings in valuing properties Nos. 1 and 2 for wealth-tax purposes. It emphasized that assets should be valued based on market value, not influenced by the owner's intention to sell. The Court supported the Tribunal's method of valuing assets using the annual rental basis and clarified that land acquires value regardless of the intention to sell. The Tribunal's approach was deemed appropriate, and no costs were awarded due to partial success for both parties. en-us Thu, 27 Jan 1966 00:00:00 +0530 Tue, 27 Jan 2009 16:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6609 The Court upheld the Tribunal's decision to ignore the value of the land surrounding the buildings in valuing properties Nos. 1 and 2 for wealth-tax purposes. It emphasized that assets should be valued based on market value, not influenced by the owner's intention to sell. The Court supported the Tribunal's method of valuing assets using the annual rental basis and clarified that land acquires value regardless of the intention to sell. The Tribunal's approach was deemed appropriate, and no costs were awarded due to partial success for both parties. Case-Laws Wealth-tax Thu, 27 Jan 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6609