SC: Under Order XXI Rule 102 CPC, A Transferee Pendente Lite Cannot Obstruct Execution of a Decree || SC: RTE Act promotes fraternity and equality by children of judges and vendors studying together || MP High Court: Aadhaar and Voter ID Cards are Not Definitive Proof of Date of Birth || Chhattisgarh HC: Second Marriage During Subsisting First Marriage Void Unless Custom Permits It || Allahabad HC: Will in Favor of Someone Does Not Affect Compassionate Appointment Based on Dependency || MP High Court: Mere Illness of a Family Member, If Improving, is Not Sufficient for Interim Bail || Bombay HC: ?25K Fine for Flying Kites With Nylon Manjha; Parents Must Ensure Responsible Conduct || Delhi High Court: Home State Must be the First Preference For Claiming Insider IFS Cadre Allocation || SC: Hindu Daughter-In-Law Widowed After Her Father-In-Law’s Death is Entitled to Maintenance || SC: Vendor Remains a Necessary Party in Specific Performance Suits Even After Transferring Property

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 :