https://www.taxtmi.com/caselaws?id=412551 For wealth-tax valuation, the decisive test is the price an asset would fetch in the open market on the valuation date, and guideline or stamp duty value is not conclusive if it does not reflect that market price. Applying that principle, the Sholinganallur property was valued by reference to the open market value indicated by a subsequent sale shortly after the valuation date, rather than the Assessing Officer's guideline value. The extent and corresponding value of the Bharaniputtur land were not finally settled on the existing record because the actual holding remained in dispute, so that issue was remitted for fresh factual verification. en-us Fri, 17 Sep 2021 00:00:00 +0530 Mon, 20 Sep 2021 18:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412551 For wealth-tax valuation, the decisive test is the price an asset would fetch in the open market on the valuation date, and guideline or stamp duty value is not conclusive if it does not reflect that market price. Applying that principle, the Sholinganallur property was valued by reference to the open market value indicated by a subsequent sale shortly after the valuation date, rather than the Assessing Officer's guideline value. The extent and corresponding value of the Bharaniputtur land were not finally settled on the existing record because the actual holding remained in dispute, so that issue was remitted for fresh factual verification. Case-Laws Wealth-tax Fri, 17 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412551