https://www.taxtmi.com/caselaws?id=56144 Open land covered only by a provisional excess declaration under the Urban Land (Ceiling & Regulation) Act, 1976 was not required to be valued on a compensation basis, because no acquisition or vesting under section 10(3) had taken place. The ceiling law's impact still had to be reflected in determining fair market value for wealth-tax purposes, and the departmental valuation allowing for large-size land and the ceiling restriction was accepted as reasonable. The valuation of the assessee's house and staff quarters was also left undisturbed, as no material was produced to show error in the departmental approach. The wealth-tax additions were accordingly sustained. en-us Fri, 28 Apr 1995 00:00:00 +0530 Wed, 01 Dec 2010 18:35:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56144 Open land covered only by a provisional excess declaration under the Urban Land (Ceiling & Regulation) Act, 1976 was not required to be valued on a compensation basis, because no acquisition or vesting under section 10(3) had taken place. The ceiling law's impact still had to be reflected in determining fair market value for wealth-tax purposes, and the departmental valuation allowing for large-size land and the ceiling restriction was accepted as reasonable. The valuation of the assessee's house and staff quarters was also left undisturbed, as no material was produced to show error in the departmental approach. The wealth-tax additions were accordingly sustained. Case-Laws Income Tax Fri, 28 Apr 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56144