https://www.taxtmi.com/caselaws?id=18457 The court upheld the Tribunal's decision to consider the amended ceiling law in valuing surplus lands, reducing their market value. However, the Tribunal erred in applying this reduced value to lands within the ceiling area that the assessee could retain. The court directed the Tribunal to reevaluate the market value separately for surplus lands and those within the ceiling area, based on their open market value under the Wealth-tax Act. No costs were awarded in the case. en-us Tue, 12 Sep 1995 00:00:00 +0530 Thu, 01 Oct 2009 11:14:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18457 The court upheld the Tribunal's decision to consider the amended ceiling law in valuing surplus lands, reducing their market value. However, the Tribunal erred in applying this reduced value to lands within the ceiling area that the assessee could retain. The court directed the Tribunal to reevaluate the market value separately for surplus lands and those within the ceiling area, based on their open market value under the Wealth-tax Act. No costs were awarded in the case. Case-Laws Wealth-tax Tue, 12 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18457