https://www.taxtmi.com/caselaws?id=292102 Compensation for acquired income-producing municipal house property was assessed by capitalising the net annual rental income. The proper years' purchase was treated as dependent on the prevailing return on gilt-edged securities at the date of the Section 4(1) notification, rather than on any fixed uniform multiplier. Applying that method, the Court noted that Government securities were carrying 3% interest at the relevant time, so 33 1/3 years' purchase was taken as the appropriate basis, with the statutory 15% addition thereafter. The compensation was therefore recomputed on that footing. en-us Wed, 07 Apr 1948 00:00:00 +0530 Mon, 07 Dec 2020 10:02:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292102 Compensation for acquired income-producing municipal house property was assessed by capitalising the net annual rental income. The proper years' purchase was treated as dependent on the prevailing return on gilt-edged securities at the date of the Section 4(1) notification, rather than on any fixed uniform multiplier. Applying that method, the Court noted that Government securities were carrying 3% interest at the relevant time, so 33 1/3 years' purchase was taken as the appropriate basis, with the statutory 15% addition thereafter. The compensation was therefore recomputed on that footing. Case-Laws Indian Laws Wed, 07 Apr 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292102