https://www.taxtmi.com/caselaws?id=21353 A valuation finding on the gifted property and the applicable return rate, once not challenged in appeal, attained finality and bound later assessing proceedings. The authorities were therefore entitled to proceed on that concluded basis and the assessee could not reopen it. On valuation of the gifted leasehold interest, capitalisation of the average rental income at the affirmed return rate was upheld because the six months' notice covenant was only a normal lease incident and did not materially depress value. The principles relating to expired leases or agriculturally held land were found inapplicable on these facts. en-us Tue, 12 Feb 1991 00:00:00 +0530 Sat, 21 Nov 2009 17:18:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21353 A valuation finding on the gifted property and the applicable return rate, once not challenged in appeal, attained finality and bound later assessing proceedings. The authorities were therefore entitled to proceed on that concluded basis and the assessee could not reopen it. On valuation of the gifted leasehold interest, capitalisation of the average rental income at the affirmed return rate was upheld because the six months' notice covenant was only a normal lease incident and did not materially depress value. The principles relating to expired leases or agriculturally held land were found inapplicable on these facts. Case-Laws Income Tax Tue, 12 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21353