https://www.taxtmi.com/caselaws?id=19117 Restrictions under the Rajasthan Urban Property (Restriction on Transfer) Act, 1973 were a relevant factor in determining market value for wealth-tax purposes because they reduced the owner's ability to deal with the plots freely in the open market. The Tribunal, however, could not mechanically cap the valuation at Rs. 3,00,000 solely on that basis. It had to consider the assessee's other objections and apply the correct valuation principles. The reference was answered in favour of the Revenue, and the matter was remanded to the Tribunal for fresh consideration of the valuation objections. en-us Thu, 12 Jan 1995 00:00:00 +0530 Wed, 04 Nov 2009 11:43:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19117 Restrictions under the Rajasthan Urban Property (Restriction on Transfer) Act, 1973 were a relevant factor in determining market value for wealth-tax purposes because they reduced the owner's ability to deal with the plots freely in the open market. The Tribunal, however, could not mechanically cap the valuation at Rs. 3,00,000 solely on that basis. It had to consider the assessee's other objections and apply the correct valuation principles. The reference was answered in favour of the Revenue, and the matter was remanded to the Tribunal for fresh consideration of the valuation objections. Case-Laws Wealth-tax Thu, 12 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19117