https://www.taxtmi.com/caselaws?id=282304 In determining market value of acquired land under Section 4(1) of the Land Acquisition Act, 1894, the guiding test is the price a willing purchaser would pay a willing seller for comparable land in the vicinity on or before the notification date. Auction sales may be used only with caution because competitive bidding can distort value; where adopted, they require adjustment for that element and for time-gap appreciation. On the facts, the more proximate and larger plot in Ex. P-2 was the better comparable than Ex. P-19, and a 40% deduction towards development was applied to reflect the acquired land's potential and partial infrastructure access. en-us Tue, 04 Jan 2011 00:00:00 +0530 Thu, 01 Aug 2019 15:56:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282304 In determining market value of acquired land under Section 4(1) of the Land Acquisition Act, 1894, the guiding test is the price a willing purchaser would pay a willing seller for comparable land in the vicinity on or before the notification date. Auction sales may be used only with caution because competitive bidding can distort value; where adopted, they require adjustment for that element and for time-gap appreciation. On the facts, the more proximate and larger plot in Ex. P-2 was the better comparable than Ex. P-19, and a 40% deduction towards development was applied to reflect the acquired land's potential and partial infrastructure access. Case-Laws Indian Laws Tue, 04 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282304