https://www.taxtmi.com/caselaws?id=57615 Vacant urban land subject to the Urban Land (Ceiling and Regulation) Act, 1976 and planning restrictions must be valued for wealth-tax on a restricted basis, not as freely transferable land with full market exploitation potential. Where the competent authority has treated the holding as excess ceiling land and acquisition steps have been taken, ownership, alienation and use are materially curtailed and the land may vest in the State subject to compensation. The valuation must therefore reflect the statutory restrictions and compensatory value principle. The higher valuations adopted by the revenue authorities were not sustainable to the extent they ignored these constraints. en-us Tue, 02 Nov 1993 00:00:00 +0530 Sat, 11 Dec 2010 11:35:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57615 Vacant urban land subject to the Urban Land (Ceiling and Regulation) Act, 1976 and planning restrictions must be valued for wealth-tax on a restricted basis, not as freely transferable land with full market exploitation potential. Where the competent authority has treated the holding as excess ceiling land and acquisition steps have been taken, ownership, alienation and use are materially curtailed and the land may vest in the State subject to compensation. The valuation must therefore reflect the statutory restrictions and compensatory value principle. The higher valuations adopted by the revenue authorities were not sustainable to the extent they ignored these constraints. Case-Laws Wealth-tax Tue, 02 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57615