https://www.taxtmi.com/caselaws?id=23033 A Tribunal valuation of a teak wood plantation was set aside where it reduced the accepted figure without cogent reasons or supporting material. The approved valuer's report had been accepted by the accountable person and was not shown to be illegal or infirm, so the Tribunal could not reject it on surmise or on an unsupported assumption of impending legislation. Although market valuation is ordinarily a question of fact, an arbitrary estimate made without principle is not binding. The valuation accepted by the Appellate Controller was therefore left undisturbed in principle, and consequential orders were to follow on that limited aspect. en-us Wed, 18 Jul 1990 00:00:00 +0530 Wed, 16 Dec 2009 12:06:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23033 A Tribunal valuation of a teak wood plantation was set aside where it reduced the accepted figure without cogent reasons or supporting material. The approved valuer's report had been accepted by the accountable person and was not shown to be illegal or infirm, so the Tribunal could not reject it on surmise or on an unsupported assumption of impending legislation. Although market valuation is ordinarily a question of fact, an arbitrary estimate made without principle is not binding. The valuation accepted by the Appellate Controller was therefore left undisturbed in principle, and consequential orders were to follow on that limited aspect. Case-Laws Income Tax Wed, 18 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23033