2001 (3) TMI 13 - HC - Income Tax

Summary

The High Court of Delhi ruled that the proper method for valuing a property for Estate Duty Act purposes is the rental yield method, not the land and building method. The court upheld the Tribunal's decision to exclude the value of the land and only consider the valuation based on rental yield. The request for a deduction on unearned increase in land value was not accepted. The court ruled in favor of the Revenue and against the accountable person.