(1.) The main judgment in this case will be delivered by Mr. Justice Avadh Behari. I agree with the conclusion that he has reached, and, in general with the reasons which he has given. But, on the question of relevancy of various types of evidence for proving the market value of acquired land, I am not entirely ad idem with him. Therefore, I must state my own understanding of the legal position. Mr. Justice Avadh Behari has reviewed the case law and no purpose will be served by going over the same ground. So, I will refer only to those few cases which I think call for comment, leaving it to be understood that as regards the others I agree or disagree with them according to whether they conform with my view or not.
(2.) For determining the amount of compensation to be awarded for land acquired under the Land Acquisition Act, 1894, the first thing that section 23(1) requires the court to take into consideration is 'the market value of the land at the date of the publication of the notification under section 4, sub-section (1)'. It is settled by the substantive law that market value must be determined by reference to the price which a willing vendor might reasonably expect to obtain from a willing purchaser. There are numerous cases in support of that proposition. The question with which we are confronted is, what is the kind of evidence relevant for determining that notional price ?
(3.) I would start with a more basic question what do we mean by value ? The best answer that I can find is in Wigmore on Evidence 'When the condto of others indicating the nature of a salable article consists in offering this or that sum of money, it creates the phenomena of value, so-called. For evidential purposes, Sale-Value is nothing more than the nature or quality of the article as measured by the money which others show themselves willing to lay out in purchasing it. Their offers of money not merely indicate the value ; they are the value; i.e. since value is merely a standard or measure in figures, those sums taken in net potential result are that standard.'