https://www.taxtmi.com/caselaws?id=55691 Vacant land held in excess of the ceiling limit under the Urban Land (Ceiling & Regulation) Act, 1976 must be valued for wealth-tax purposes by reference to the compensation payable under that statute, because the statutory restrictions and prohibitions depress its realizable value and cannot be ignored. The Tribunal followed binding High Court authority on valuation of ceiling-restricted land and distinguished contrary authority that arose under a different statute and factual setting. On that basis, the excess land was not to be valued on an unrestricted market-value basis. en-us Thu, 16 Nov 1995 00:00:00 +0530 Mon, 29 Nov 2010 14:15:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55691 Vacant land held in excess of the ceiling limit under the Urban Land (Ceiling & Regulation) Act, 1976 must be valued for wealth-tax purposes by reference to the compensation payable under that statute, because the statutory restrictions and prohibitions depress its realizable value and cannot be ignored. The Tribunal followed binding High Court authority on valuation of ceiling-restricted land and distinguished contrary authority that arose under a different statute and factual setting. On that basis, the excess land was not to be valued on an unrestricted market-value basis. Case-Laws Wealth-tax Thu, 16 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55691