S.N. WADIYAR (DEAD) THROUGH LR vs COMMISSIONER OF WEALTH TAX

Authority: Supreme Court Date: 2015-09-21 AY: 2010-11 Section: 20, 6(1), 30, 11(6), 8, 9, 10(1), 7 Acts: Wealth Tax Act 1957, Urban Land (Ceiling and Regulation) Act 1976, Urban Land (Ceiling and Regulation) Repeal Act 1999, Karnataka Town & Country Planning Act 1961, Income Tax Act 1961 Citation: (2015) 280 CTR 0233 (SC) : (2015) 125 DTR 0330 (SC) : (2015) 378 ITR 0009 (SC) : (2015) 234 TAXMAN 0 Justices: A.K. SIKRI & ROHINTON FALI NARIMAN, JJ Appeal No: CIVIL APPEAL No. 6873-6881, 6882, 1338, 7377-7378 OF 2005 & 7251 OF 2015 &
Whether, for the purposes of Wealth Tax Act, the market value of the vacant land belonging to the assessee should be taken at the price which is the maximum compensation payable to the assessee under the Urban Land Ceiling Act, 1962? --- Held No

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