https://www.taxtmi.com/caselaws?id=19871 Statutory restrictions on transfer under the Rajasthan Urban Property (Restriction on Transfer) Act, 1973 may depress market value for wealth-tax purposes, but they do not, by themselves, fix an asset's value at the statutory limit. The proper valuation exercise remains the true open-market value on the valuation date, with the restriction treated only as a relevant depreciating factor. The Rajasthan HC held that the Tribunal was not justified in capping the plots' value at Rs. 3,00,000 and that its finding was unsustainable. The valuation issue was therefore sent back for reconsideration of the remaining objections. en-us Wed, 02 Mar 1994 00:00:00 +0530 Tue, 10 Nov 2009 13:06:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19871 Statutory restrictions on transfer under the Rajasthan Urban Property (Restriction on Transfer) Act, 1973 may depress market value for wealth-tax purposes, but they do not, by themselves, fix an asset's value at the statutory limit. The proper valuation exercise remains the true open-market value on the valuation date, with the restriction treated only as a relevant depreciating factor. The Rajasthan HC held that the Tribunal was not justified in capping the plots' value at Rs. 3,00,000 and that its finding was unsustainable. The valuation issue was therefore sent back for reconsideration of the remaining objections. Case-Laws Wealth-tax Wed, 02 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19871