Value of any asset u/s.7(1) of Wealth-tax Act, 1957.

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....e which in the opinion of the Wealth-tax officer, it would fetch if sold in the open market on the valuation date. The question is how to determine the fair market value of the land falling within the jurisdiction of municipalities etc. 2. The determination of value of such lands would depend on the facts and circumstances of each case. It involves various factors depending on localities, munic....