https://www.taxtmi.com/caselaws?id=29289 For estate duty valuation under section 36 of the Estate Duty Act, the principal value must be estimated on the basis of what the property would fetch in a hypothetical open market sale at the date of death. A statute declared void ab initio cannot be treated as a continuing legal restriction on that valuation, because it is deemed never to have existed. The Gujarat HC therefore accepted that the Land Acquisition (Bombay Amendment) Act, 1948 had to be ignored once held non est from inception, and the Tribunal was justified in valuing the land on an open market basis. The reference was answered against the assessee and in favour of the Revenue. en-us Tue, 07 Jul 1981 00:00:00 +0530 Fri, 12 Mar 2010 10:16:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29289 For estate duty valuation under section 36 of the Estate Duty Act, the principal value must be estimated on the basis of what the property would fetch in a hypothetical open market sale at the date of death. A statute declared void ab initio cannot be treated as a continuing legal restriction on that valuation, because it is deemed never to have existed. The Gujarat HC therefore accepted that the Land Acquisition (Bombay Amendment) Act, 1948 had to be ignored once held non est from inception, and the Tribunal was justified in valuing the land on an open market basis. The reference was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Tue, 07 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29289