https://www.taxtmi.com/caselaws?id=19638 Estate duty valuation is to be fixed at the open market price the property would fetch on the date of death. The Controller may accept the accountable person's valuation or make an independent estimate under the Estate Duty Rules, but the final satisfaction as to value remains with the Controller. Because the valuation principles under the Estate Duty Act and the Wealth-tax Act are the same, a valuation adopted in wealth-tax proceedings may serve as a proper basis for estate duty valuation. On the stated facts, the wealth-tax appellate valuation was accepted as a valid basis for the reduced estate duty value. en-us Thu, 16 Dec 1993 00:00:00 +0530 Sat, 07 Nov 2009 16:05:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19638 Estate duty valuation is to be fixed at the open market price the property would fetch on the date of death. The Controller may accept the accountable person's valuation or make an independent estimate under the Estate Duty Rules, but the final satisfaction as to value remains with the Controller. Because the valuation principles under the Estate Duty Act and the Wealth-tax Act are the same, a valuation adopted in wealth-tax proceedings may serve as a proper basis for estate duty valuation. On the stated facts, the wealth-tax appellate valuation was accepted as a valid basis for the reduced estate duty value. Case-Laws Income Tax Thu, 16 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19638