https://www.taxtmi.com/caselaws?id=38940 For estate duty valuation, the principal value of house property under section 36 of the Estate Duty Act, 1953 must be estimated at the price it would fetch in the open market at the date of death. The court recognised that this market value may be assessed by one or more accepted valuation methods, including methods used for market valuation under the Land Acquisition Act, and that the appropriate method depends on the facts. On the facts, rent control made the gross rental method the proper basis, so the Tribunal was correct in rejecting valuation by the land-and-building method. en-us Tue, 24 Feb 1976 00:00:00 +0530 Sat, 10 Apr 2010 14:08:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38940 For estate duty valuation, the principal value of house property under section 36 of the Estate Duty Act, 1953 must be estimated at the price it would fetch in the open market at the date of death. The court recognised that this market value may be assessed by one or more accepted valuation methods, including methods used for market valuation under the Land Acquisition Act, and that the appropriate method depends on the facts. On the facts, rent control made the gross rental method the proper basis, so the Tribunal was correct in rejecting valuation by the land-and-building method. Case-Laws Income Tax Tue, 24 Feb 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38940