https://www.taxtmi.com/caselaws?id=58465 Wealth-tax valuation of jointly held and special-status properties turns on open market value, not a mechanical fraction of the whole or a nominal discount for co-ownership. An undivided share is not automatically treated as substantially less valuable merely because it is jointly held; any reduction must be justified by the facts. The rental method is not the only permissible basis where market value is the statutory test, though computation defects such as FSI and set-back errors can warrant adjustment. A remote right of resumption in Cantonment property does not make the asset valueless; it remains taxable at a substantial market value with only reasonable reduction where warranted. en-us Tue, 27 Jul 1982 00:00:00 +0530 Mon, 20 Dec 2010 11:36:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58465 Wealth-tax valuation of jointly held and special-status properties turns on open market value, not a mechanical fraction of the whole or a nominal discount for co-ownership. An undivided share is not automatically treated as substantially less valuable merely because it is jointly held; any reduction must be justified by the facts. The rental method is not the only permissible basis where market value is the statutory test, though computation defects such as FSI and set-back errors can warrant adjustment. A remote right of resumption in Cantonment property does not make the asset valueless; it remains taxable at a substantial market value with only reasonable reduction where warranted. Case-Laws Wealth-tax Tue, 27 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58465