https://www.taxtmi.com/caselaws?id=59878 Vacant land covered by the Urban Land (Ceiling and Regulation) Act, 1976 could not be valued solely at the compensation payable under section 11 where there was no proof that the excess land had been determined, notified under section 10(1), or vested in the State under section 10(3). The statutory compensation right arises only after completion of the acquisition and vesting process. Until then, the owner retains title, subject to ceiling-law restrictions and transfer impediments that must be reflected in valuation. The section 11 compensation figure was therefore not the true fair market value, and revaluation of the land with due regard to those restrictions was upheld. en-us Wed, 18 Nov 1992 00:00:00 +0530 Sat, 01 Jan 2011 16:11:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59878 Vacant land covered by the Urban Land (Ceiling and Regulation) Act, 1976 could not be valued solely at the compensation payable under section 11 where there was no proof that the excess land had been determined, notified under section 10(1), or vested in the State under section 10(3). The statutory compensation right arises only after completion of the acquisition and vesting process. Until then, the owner retains title, subject to ceiling-law restrictions and transfer impediments that must be reflected in valuation. The section 11 compensation figure was therefore not the true fair market value, and revaluation of the land with due regard to those restrictions was upheld. Case-Laws Wealth-tax Wed, 18 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59878