https://www.taxtmi.com/caselaws?id=9310 Valuation of the leased property under the Wealth-tax Act had to rest on reliable evidence of market value, and the Tribunal lacked material to enhance the valuation to Rs. 10 lakhs. The alleged commercial character of the locality was too vague, because no clear evidence showed that the user of the property could realistically be changed from residential to commercial. The cited sale instances were not comparable, as one involved vacant possession and special physical advantages and the other was only an aborted agreement to sell involving vacant property. Since the property remained substantially tenant-occupied and section 14 of the Delhi Rent Control Act restricted eviction and demolition, there was no basis for treating it as having real commercial redevelopment value. en-us Mon, 15 Apr 1974 00:00:00 +0530 Sun, 21 Jun 2009 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9310 Valuation of the leased property under the Wealth-tax Act had to rest on reliable evidence of market value, and the Tribunal lacked material to enhance the valuation to Rs. 10 lakhs. The alleged commercial character of the locality was too vague, because no clear evidence showed that the user of the property could realistically be changed from residential to commercial. The cited sale instances were not comparable, as one involved vacant possession and special physical advantages and the other was only an aborted agreement to sell involving vacant property. Since the property remained substantially tenant-occupied and section 14 of the Delhi Rent Control Act restricted eviction and demolition, there was no basis for treating it as having real commercial redevelopment value. Case-Laws Wealth-tax Mon, 15 Apr 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9310