1995 (1) TMI 29

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....y 11, 1984, in respect of the assessment year 1974-75 under section 27(1) of the Wealth-tax Act, 1957 : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the provisions of the Rajasthan Urban Property (Restriction on Transfer) Act, 1973, are applicable for determining the market value of the plots for purposes of wealth-tax on the relevant....

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....alone. In the case of CWT v. Raghubar Narain Singh [1984] 146 ITR 228, the apex court held that if an asset is subject to certain hazards including the liability of certain debt to be deducted from the asset, then that factor which has the effect of diminishing the market value of the asset is a relevant factor to be taken into consideration while estimating the value of the asset in the open mark....