https://www.taxtmi.com/caselaws?id=20838 Vacant land in excess of the ceiling limit under the Urban Land (Ceiling and Regulation) Act, 1976 must be valued for wealth-tax by taking account of the statutory restrictions on transfer, mortgage and lease. Comparable sale instances of unrestricted land are not a sound basis where the property is not freely marketable, because its realisable value is materially depressed by the legal embargoes in force on the valuation date. The open-market approach cannot ignore those limitations, and the possibility of exemption under the ceiling law does not justify valuing the land as if it were freely transferable. en-us Fri, 03 May 1991 00:00:00 +0530 Tue, 17 Nov 2009 14:20:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20838 Vacant land in excess of the ceiling limit under the Urban Land (Ceiling and Regulation) Act, 1976 must be valued for wealth-tax by taking account of the statutory restrictions on transfer, mortgage and lease. Comparable sale instances of unrestricted land are not a sound basis where the property is not freely marketable, because its realisable value is materially depressed by the legal embargoes in force on the valuation date. The open-market approach cannot ignore those limitations, and the possibility of exemption under the ceiling law does not justify valuing the land as if it were freely transferable. Case-Laws Wealth-tax Fri, 03 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20838