NCLAT: IRP Has Authority to Take Possession of Assets Owned by Corporate Debtor  ||  NCLAT: NCLT Can Direct Forwarding a Copy of its Order to Relevant Statutory Authorities  ||  Delhi HC: Centre to Expedite Process of Accessibility Features in OTT platforms for PwDs  ||  Delhi HC: Once Worker Provides Testimony Under Oath ‘Burden of Proof’ Shifts on Employer  ||  SC: There Cannot be Discrimination in Matter of Payment of Pension to Retired Judges  ||  SC: India is Not a Dharamshala that Can Entertain Foreign Nationals from All Over  ||  SC: Can Quash Domestic Violence Act Complaints Under Section 482 of CrPC  ||  Supreme Court: Can’t Use Statement of One Accused against Another  ||  SC: Inclusion of Name in Draft NRC Cannot Annul Foreigners Tribunal’s Declaration as Non-Citizen  ||  Supreme Court: Minimum Practice of 3 Years Mandatory to Enter Judicial Service    

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 :        

Disclaimer | Copyright 2025 - All Rights Reserved