https://www.taxtmi.com/caselaws?id=61977 Compensation for acquired agricultural land was not includible in net wealth on the valuation date where possession had been given before the award but statutory vesting in the Government occurred only on the award date. Until vesting, the assessee retained ownership and had no enforceable right to compensation on the relevant date, so the later receipt could not be taxed as wealth for that year. The residential building and specified agricultural land were also treated as exempt under the Wealth-tax Act, leaving no taxable wealth for the year. en-us Thu, 27 Feb 1986 00:00:00 +0530 Mon, 17 Jan 2011 13:43:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61977 Compensation for acquired agricultural land was not includible in net wealth on the valuation date where possession had been given before the award but statutory vesting in the Government occurred only on the award date. Until vesting, the assessee retained ownership and had no enforceable right to compensation on the relevant date, so the later receipt could not be taxed as wealth for that year. The residential building and specified agricultural land were also treated as exempt under the Wealth-tax Act, leaving no taxable wealth for the year. Case-Laws Wealth-tax Thu, 27 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61977