https://www.taxtmi.com/caselaws?id=277967 Compensation for acquired land must be based on market value as on the notification date, using comparable sales of similar land in reasonable proximity and allowing potentiality only where supported by real development prospects. The Court rejected valuation of the paddy land as a building site on a square-foot basis because the evidence did not show comparable abadi conditions or sufficient development pressure. It also found the rental multiple method and a rigid two-category classification arbitrary. Market value was reassessed on an acreage basis with limited potential value, with the lands placed in three situational categories according to location and utility. en-us Mon, 19 Aug 1974 00:00:00 +0530 Wed, 02 Jan 2019 17:11:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277967 Compensation for acquired land must be based on market value as on the notification date, using comparable sales of similar land in reasonable proximity and allowing potentiality only where supported by real development prospects. The Court rejected valuation of the paddy land as a building site on a square-foot basis because the evidence did not show comparable abadi conditions or sufficient development pressure. It also found the rental multiple method and a rigid two-category classification arbitrary. Market value was reassessed on an acreage basis with limited potential value, with the lands placed in three situational categories according to location and utility. Case-Laws Indian Laws Mon, 19 Aug 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277967