https://www.taxtmi.com/caselaws?id=60731 Agricultural land already subject to ceiling proceedings before death cannot be valued in estate duty as if it were freely marketable in full. The ceiling law and any operative order declaring part of the land surplus must be taken into account, even if the proceedings are under challenge or the surplus land has not yet physically vested in the State. The proper valuation approach is to separate land not likely to be surplus from land likely to be surplus, and to value the latter by reference to compensation reasonably payable under the ceiling law, allowing for delay in receipt. Rule 14(6) of the Estate Duty Rules also required consideration, though its application had not been clearly found. en-us Mon, 09 Mar 1981 00:00:00 +0530 Fri, 07 Jan 2011 18:13:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60731 Agricultural land already subject to ceiling proceedings before death cannot be valued in estate duty as if it were freely marketable in full. The ceiling law and any operative order declaring part of the land surplus must be taken into account, even if the proceedings are under challenge or the surplus land has not yet physically vested in the State. The proper valuation approach is to separate land not likely to be surplus from land likely to be surplus, and to value the latter by reference to compensation reasonably payable under the ceiling law, allowing for delay in receipt. Rule 14(6) of the Estate Duty Rules also required consideration, though its application had not been clearly found. Case-Laws Income Tax Mon, 09 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60731