1977 (4) TMI 50

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....t might be that his interest extended to the whole of the property; but as his interest was not definite the share of the deceased in that property could not fetch fair market value for the reason of joint ownership of the property in question. It was, therefore, claimed that the assessee was entitled to deduction of Rs. 38,000 from the value that was determined for the purpose of wealth-tax. The Asst. Controller rejected that plea of the assessee and on appeal. The Appellate Controller referring to the provisions of S. 39(1) of the E.D. Act confirmed the action of the Asst. Controller. 3. In the further appeal before us the learned Counsel for the accountable person contended that the lower authorities failed to appreciate that a immova....

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....has been held by the learned authors S/Sri Chaturvedi & Pithisaria at page 501 while considering the value of an undivided share in a joint property that a purchaser getting only an undivided share in a property will pay a lower price than that what he could have paid if he was getting full ownership thereof. A reduction of about 10 per cent is expected on the property on that account. Further more, it is common knowledge that a purchaser generally hesitates to get an undivided share in a joint property and rather prefer to acquire absolute ownership of a property by payment of higher consideration. In view of that circumstances, we are of the opinion that the accountable person is entitled to deduction of 10 per cent from the value as esti....