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<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head> </head> <body> <div style="font-family:Verdana, Geneva, sans-serif; font-size:12px; text-align:justify"> <table width="800" border="0" style="border:1px solid #ccc;padding:5px;" align="center" cellpadding="6" cellspacing="0"> <tr> <td align="left" valign="top"> <br /> Supreme Court <br /><br /> Supreme Court values excess land owned by Wadiyar royalty<br /><br /> MANU/SC/1044/2015 - (21 Sep 2015)<br /><br /> </td> </tr> <tr> <td align="left" valign="top">S.N. Wadiyar v. Commissioner of Wealth Tax, Karnataka</td> </tr> <tr> <td align="left" valign="top" style="background-color:#FDEDCE"><strong>In a question on valuation of property for the purposes of wealth tax, the Supreme Court held that property, the overall area of which exceeded that allowed by the Ceiling Act, 1962, would not be valued at open market price. Vacant land that fell within the ambit of the Ceiling Act would be valued at Rs. 2 lakhs, the maximum allowable under the Act, while the remaining area would be valued at the open market price.</strong></td> </tr> <tr> <td align="left" valign="top" ><strong>Relevant : Section 11 Urban Land (Ceiling and Regulation) Act, 1976 nActCompID=86626 Ahmed G.H. Ariff v. Commissioner of Wealth Tax <manuid>MANU/SC/0167/1969</manuid></strong></td> </tr> <tr> <td align="left" valign="top" ><strong>Tags : Ceiling, valuation, land, wealth tax</strong></td> </tr> <tr> <td align="left" valign="top"> </td> </tr> <tr> <!--<td><strong>Source : <a target="_new" href="http://www.manupatrafast.com/">newsroom.manupatra.com</a></strong></td>--> <td align="left" valign="top"><strong>Source : newsroom.manupatra.com</strong></td> </tr> <tr> <td align="left" valign="top"> </td> </tr> <tr> <td align="left" valign="top">Regards</td> </tr> <tr> <td align="left" valign="top">Team Manupatra</td> </tr> <tr> <td align="left" valign="top"> </td> </tr> </table> </div> </body> </html>