J&K&L HC Quashes 65-Year-Old's Detention, says Cattle Smuggling isn't Public Disorder || Karnataka HC Bars Denial of MV Inspector Posts over Experience with Non-Existent HGV/HPV Vehicles || P&H HC: Lengthy Incarceration alone is No Substantial Change for Repeat Bail Plea || Meghalaya HC Flags Amicus' Non-Appearance amid Lawyers' Strike, Stresses Loyalty to Justice || MP HC: Arms Act doesn't allow Sports Firearm Licence Conversion to Self-Defence Category || Delhi HC: Public Funding of LTC, CGHS Benefits doesn't Mandate Personal Disclosure under RTI || Delhi HC: Fake Caste Certificate alone cannot Justify Removing Advocate from State Rolls || Delhi HC Refuses to Stop Sale of 47 Law Books in Family Copyright Dispute || Supreme Court: S. 394 IPC Conviction Requires Proof of Robbery or Attempted Robbery || Supreme Court Questions MP HC's Cryptic Reduction of Murder Conviction as 'Shocking'

S.N. Wadiyar v. Commissioner of Wealth Tax, Karnataka - (Supreme Court) (21 Sep 2015)

Supreme Court values excess land owned by Wadiyar royalty

MANU/SC/1044/2015

Direct Taxation

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.

Relevant : Section 11 Urban Land (Ceiling and Regulation) Act, 1976 Act Ahmed G.H. Ariff v. Commissioner of Wealth Tax MANU/SC/0167/1969

Tags : CEILING VALUATION LAND WEALTH TAX

Share :