SC: Centre Agrees to Bring into Force Scheme for Golden Hour Within 1 Week  ||  SC: Can Allow Examination of Additional Witness as Prosecution Witness  ||  SC Refuses to Entertain Plea Seeking Guidelines to Regulate ‘Ticket Scalping’  ||  SC: Can’t Fully Disregard Evidence of Hostile Witness Cross-Examined by Prosecution  ||  Raj HC: For Abetment to Suicide Direct Link between Action of Accused & Victim’s Decision Must Exist  ||  Rajasthan HC: State Must Evolve Mechanism to Monitor Functioning of Municipal Bodies  ||  Delhi High Court: Due to Acute Shortage of Judges there is Inability to Decide Regular Matters  ||  Delhi High Court: Rampant Corruption in CBI, ED Shakes Entire Edifice of Machinery  ||  P&H HC: Haryana Government to Expedite Process of Fast Track Court under POCSO Act  ||  Delhi HC Refuses to Grant Injunction in Favour of San Nutrition Private Limited    

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