https://www.taxtmi.com/caselaws?id=29004 Municipal valuation of a factory building under section 174 of the Nagar Mahapalika Adhiniyam, 1959 must be based on the present cost of erecting a comparable building, with depreciation allowed according to the building's actual condition and the value of appurtenant land added. The authorities erred by not properly assessing the structure's condition and by applying income-tax depreciation concepts, which are not the statutory basis for municipal valuation. Additional evidence produced at the first appellate stage could be considered because it was already on the record when the second appeal was heard. The valuation orders were quashed and the matter remitted for fresh assessment under the correct method. en-us Thu, 13 Aug 1981 00:00:00 +0530 Wed, 10 Mar 2010 11:31:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29004 Municipal valuation of a factory building under section 174 of the Nagar Mahapalika Adhiniyam, 1959 must be based on the present cost of erecting a comparable building, with depreciation allowed according to the building's actual condition and the value of appurtenant land added. The authorities erred by not properly assessing the structure's condition and by applying income-tax depreciation concepts, which are not the statutory basis for municipal valuation. Additional evidence produced at the first appellate stage could be considered because it was already on the record when the second appeal was heard. The valuation orders were quashed and the matter remitted for fresh assessment under the correct method. Case-Laws Income Tax Thu, 13 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29004