Law:

Section:

Section 36 of the Estate Duty Act, 1953 - Valuation of estate - State Government acquired certain lands belonging to deceased and possession was taken on 6-5-1961 - Deceased died on 10-1-1968 - Due to dispute between owner and protected tenants, award of compensation could be given only on 26-3-1973 - On reference, civil court on 30-9-1975 enhanced rate of compensation - High Court on 28-8-1978 reduced said rate of compensation - Whether while determining market value of right to receive compensation as on date of death of deceased, Tribunal was justified in fixing value of said right according to Parks' Principles of Valuation, and thereafter, allowing a discount of 20 per cent on value so fixed in order to cover risks involved in such purchases - Held, yes FACTS The State Government acquired certain land belonging to the deceased and took possession of the same on 6-5-1961. The deceased died on 10-1-1968. The Special Deputy Collector passed the award on 26-3-1973 fixing the compensation rate at Rs. 1,300 per acre. The delay in passing the award was due to the disputes between the owner of the land and the protected tenants. On reference, the civil court on 30-9-1975 enhanced the compensation rate to Rs. 10,000 per acre subject to the 40 per cent compensation payable to the protected tenants. On appeal by the State Government, the High Court on 28-8-1978 reduced the compensation to Rs. 7,170 per acre subject to the right of the protected tenants. The Assistant Controller fixed the value of the right to receive the compensation as on the date of death of the deceased as determined by the civil court on 30-9-1975. On appeal, the Appellate Controller following the decision of the Tribunal in respect of the wealth-tax matters pertaining to the deceased, adopted 50 per cent of the compensation amount excluding solatium. On further appeal, the Tribunal took into consideration the fact that the litigation with the tenants continued even after the death of the deceased and the same came to an end by a final of the High Court on 10-11-1971. Applying the Parks' Principles of Valuation, the Tribunal determined the value of the right in respect of receiving the…

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