https://www.taxtmi.com/caselaws?id=36858 Valuation of a tenant-occupied property for acquisition under Chapter XX-A must reflect its existing condition, with capitalisation of rental income serving as the proper guide where rent-control and tenancy restrictions apply. Future potential for conversion or redevelopment may be considered only to a limited extent and cannot justify treating the property as if it were vacant and fully developed. On the facts discussed, the departmental method based on assumptions of vacant commercial use was not a safe basis for finding substantial under-valuation, and the stated consideration was not shown to be unreal on reliable material. en-us Tue, 12 Feb 1980 00:00:00 +0530 Thu, 25 Mar 2010 10:39:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36858 Valuation of a tenant-occupied property for acquisition under Chapter XX-A must reflect its existing condition, with capitalisation of rental income serving as the proper guide where rent-control and tenancy restrictions apply. Future potential for conversion or redevelopment may be considered only to a limited extent and cannot justify treating the property as if it were vacant and fully developed. On the facts discussed, the departmental method based on assumptions of vacant commercial use was not a safe basis for finding substantial under-valuation, and the stated consideration was not shown to be unreal on reliable material. Case-Laws Income Tax Tue, 12 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36858