https://www.taxtmi.com/caselaws?id=9826 Immovable property subject to urban land ceiling restrictions must be valued by reference to the compensation payable under the statutory ceiling framework, because transfer restrictions materially reduce realisable value and make open market valuation inappropriate. Where the owner cannot freely deal with the land, the market rate does not reflect the property's actual value for tax or valuation purposes. The legal question was answered in favour of the assessee and against the Revenue. en-us Wed, 26 Oct 2005 00:00:00 +0530 Wed, 01 Jul 2009 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9826 Immovable property subject to urban land ceiling restrictions must be valued by reference to the compensation payable under the statutory ceiling framework, because transfer restrictions materially reduce realisable value and make open market valuation inappropriate. Where the owner cannot freely deal with the land, the market rate does not reflect the property's actual value for tax or valuation purposes. The legal question was answered in favour of the assessee and against the Revenue. Case-Laws Wealth-tax Wed, 26 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9826