Report No. 86
7.39. Date of valuation-Calcutta view.-
There seems to be some controversy as to the date with reference to which valuation is to be made. According to the Calcutta view,1 the relevant date which requires to be considered is the date when the undertaking is given and it is only at that point of time that valuation can be made as envisaged by the section. Disagreeing with the reasoning of the Orissa Judgment2 on the subject, the Court made these observations-
"To my mind, section 4 does not contemplate that the market value is to be taken on the date of institution of the suit. It is true that the sale by the stranger to the co-sharer being in the nature of a forced sale or under compulsion, valuation of the premises has to be determined with great care and caution so as not to cause any hardship to either of the parties. I find however considerable force in the submission made by the learned Advocate for the plaintiff that the valuation thereof should be made on the date when an undertaking to purchase is given, and 'the wording of section 4, to my mind, also indicates that such valuation is to be made only when an undertaking is given by any member of the family to buy the share in question."
1. Monomohan v. Usharani, AIR 1979 Cal 79 (83), para. 15.
2. Bhikari Behera v. Dharmananda Natia, AIR 1963 Ori 40, para. 7.40, infra.