https://www.taxtmi.com/caselaws?id=27869 Wealth-tax valuation under section 7 must reflect the actual legal condition of the asset, so land subject to statutory ceiling restrictions cannot be valued as if it were unrestricted. Because those restrictions materially reduce transferability and marketability, the open market value must be discounted accordingly. For surplus lands under the Tamil Nadu Land Reforms ceiling law, the Tribunal was justified in using compensation-based valuation as a practical measure of depressed market value. The governing principle is that burdens attached to property, including restrictions running with the land, must be taken into account where they affect what the asset would realistically fetch in the market. en-us Fri, 24 Sep 1982 00:00:00 +0530 Tue, 16 Feb 2010 15:22:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27869 Wealth-tax valuation under section 7 must reflect the actual legal condition of the asset, so land subject to statutory ceiling restrictions cannot be valued as if it were unrestricted. Because those restrictions materially reduce transferability and marketability, the open market value must be discounted accordingly. For surplus lands under the Tamil Nadu Land Reforms ceiling law, the Tribunal was justified in using compensation-based valuation as a practical measure of depressed market value. The governing principle is that burdens attached to property, including restrictions running with the land, must be taken into account where they affect what the asset would realistically fetch in the market. Case-Laws Wealth-tax Fri, 24 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27869