TMI Blog1976 (2) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... building, standing on a plot of land measuring 10,350 sq. ft. The plinth area of the building is 6,040 sq. ft. The ground floor was let out to Silchar Automobiles, a partnership firm in which the deceased was interested holding one-third share on a rent of Rs. 200 per month. The first floor was used for the residence of the deceased. This property cost the deceased Rs. 60,000. The Assistant Controller taking into account the type of construction, proximity to the commercial places of the town, valued the land and super-structure separately at Rs. 34,128 and Rs. 1,82,000, respectively, that is, the entire property at Rs. 2,25,128. There is another building of wooden structure on the same land behind the main building. The Assistant Controll ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ipal value under this section the Controller shall fix the price of the property according to the market price at the time of the deceased's death and shall not make any reduction in the estimate on account of the estimate being made on the assumption that the whole property is to be placed on the market at one and the same time : Provided that where it is proved to the satisfaction of the Controller that the value of the property has depreciated by reason of the death of the deceased, the depreciation shall be taken into account in fixing the price." Thus, section 36 of the Estate Duty Act lays down the method of estimating the principal value of the property. In Special Land Acquisition Officer v. T.Adinarayan Setty AIR 1959 SC 429 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t from taking any other special circumstances into consideration, the requirement being always to arrive as near as possible at an estimate of the market value. In arriving at a reasonable correct market value, it may be necessary to take even two or all of those methods into account inasmuch as the exact valuation is not always possible as no two lands may be the same either in respect of the situation or the extent or the potentiality nor is it possible in all cases to have reliable material from which that valuation can be accurately determined. " On the basis of the above observations of the Supreme Court we find that the market value under section 36 of the Estate Duty Act may also be ascertained as under section 23 of the Land Acqui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dent in the order of the Tribunal, when it has referred to the Rent Control Acts and the decision of the Calcutta High Court in Controller of Estate Duty v. Radha Devi Jalan [1968] 67 ITR 761 (Cal). Mr. G. K. Talukdar, the learned standing counsel, submits that the ground floor of the building was rented out at Rs. 200 per month but the first floor was occupied by the deceased, and, therefore, it was not a case of rented house wherein the gross rental method may be applied. His submission is, however, meritless inasmuch as the ground floor is on rent and for the first floor also the Appellate Controller has taken into account some reasonable rent on the basis of the rent received for the ground floor and under such circumstances if the la ..... X X X X Extracts X X X X X X X X Extracts X X X X
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