https://www.taxtmi.com/caselaws?id=10738 Vacant urban land liable to the Urban Land (Ceiling and Regulation) Act, 1976 is to be valued under section 7(1) of the Wealth-tax Act, 1957 at the price it would fetch in a hypothetical open market, with statutory restrictions on holding and transfer taken into account. The ceiling law depresses market value, but until the land is acquired and vested in the State, the asset remains the land itself and not merely a right to compensation. Accordingly, the maximum compensation under the Ceiling Act is not the valuation benchmark at the pre-vesting stage, and the land must be assessed on open-market principles subject to those restrictions. en-us Mon, 13 Jun 2005 00:00:00 +0530 Wed, 22 Jul 2009 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10738 Vacant urban land liable to the Urban Land (Ceiling and Regulation) Act, 1976 is to be valued under section 7(1) of the Wealth-tax Act, 1957 at the price it would fetch in a hypothetical open market, with statutory restrictions on holding and transfer taken into account. The ceiling law depresses market value, but until the land is acquired and vested in the State, the asset remains the land itself and not merely a right to compensation. Accordingly, the maximum compensation under the Ceiling Act is not the valuation benchmark at the pre-vesting stage, and the land must be assessed on open-market principles subject to those restrictions. Case-Laws Wealth-tax Mon, 13 Jun 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10738