TaxTMI 
TaxTMI 
1976 (2) TMI 20
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....har, which is a two-storeyed building, standing on a plot of land measuring 10,350 sq. ft. The plinth area of the building is 6,040 sq. ft. The ground floor was let out to Silchar Automobiles, a partnership firm in which the deceased was interested holding one-third share on a rent of Rs. 200 per month. The first floor was used for the residence of the deceased. This property cost the deceased Rs. 60,000. The Assistant Controller taking into account the type of construction, proximity to the commercial places of the town, valued the land and super-structure separately at Rs. 34,128 and Rs. 1,82,000, respectively, that is, the entire property at Rs. 2,25,128. There is another building of wooden structure on the same land behind the main buil....
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.... In estimating the principal value under this section the Controller shall fix the price of the property according to the market price at the time of the deceased's death and shall not make any reduction in the estimate on account of the estimate being made on the assumption that the whole property is to be placed on the market at one and the same time : Provided that where it is proved to the satisfaction of the Controller that the value of the property has depreciated by reason of the death of the deceased, the depreciation shall be taken into account in fixing the price." Thus, section 36 of the Estate Duty Act lays down the method of estimating the principal value of the property. In Special Land Acquisition Officer v. T.Adinarayan ....
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....e the court from taking any other special circumstances into consideration, the requirement being always to arrive as near as possible at an estimate of the market value. In arriving at a reasonable correct market value, it may be necessary to take even two or all of those methods into account inasmuch as the exact valuation is not always possible as no two lands may be the same either in respect of the situation or the extent or the potentiality nor is it possible in all cases to have reliable material from which that valuation can be accurately determined. " On the basis of the above observations of the Supreme Court we find that the market value under section 36 of the Estate Duty Act may also be ascertained as under section 23 of the L....