https://www.taxtmi.com/caselaws?id=37251 Fair market value for land already used as a building site must be assessed by reference to its real and legally relevant potentialities, not by speculative assumptions about a future shopping complex and projected income from imagined development. A development method that ignores the land's actual condition and existing use is not a permissible basis for valuation under Chapter XX-A of the Income-tax Act, 1961. The contractor's method was also distinguished because it applies to the capital value of an existing building, not to land simpliciter. The impugned valuation report was therefore irrelevant for determining fair market value and could not be relied upon to that extent. en-us Wed, 04 Jul 1979 00:00:00 +0530 Sun, 02 May 2010 23:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37251 Fair market value for land already used as a building site must be assessed by reference to its real and legally relevant potentialities, not by speculative assumptions about a future shopping complex and projected income from imagined development. A development method that ignores the land's actual condition and existing use is not a permissible basis for valuation under Chapter XX-A of the Income-tax Act, 1961. The contractor's method was also distinguished because it applies to the capital value of an existing building, not to land simpliciter. The impugned valuation report was therefore irrelevant for determining fair market value and could not be relied upon to that extent. Case-Laws Income Tax Wed, 04 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37251