https://www.taxtmi.com/caselaws?id=8387 Estate-duty valuation of a mining lease's unexpired term must be fixed at market value on the date of death, taking account of statutory power to alter existing lease conditions and any retrospective modification that reduces the lease period. An arbitrary estimate unsupported by principle or evidence is not a lawful basis for valuation, and the possibility of lease-term reduction is a relevant valuation factor. On that approach, the tribunal's use of an eight-year basis was not justified, and the reduced four-year term was the proper valuation basis. en-us Mon, 17 Apr 1967 00:00:00 +0530 Fri, 10 Apr 2009 18:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8387 Estate-duty valuation of a mining lease's unexpired term must be fixed at market value on the date of death, taking account of statutory power to alter existing lease conditions and any retrospective modification that reduces the lease period. An arbitrary estimate unsupported by principle or evidence is not a lawful basis for valuation, and the possibility of lease-term reduction is a relevant valuation factor. On that approach, the tribunal's use of an eight-year basis was not justified, and the reduced four-year term was the proper valuation basis. Case-Laws Income Tax Mon, 17 Apr 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8387