https://www.taxtmi.com/caselaws?id=65811 Pendente lite interest awarded under a civil decree does not constitute an asset belonging to the assessee for wealth-tax purposes once the decree is later set aside. Wealth-tax applies only to the aggregate value of property owned by the assessee on the valuation date, and a bare or extinguished right to receive interest is not transferable property or an enforceable asset. Where the High Court reverses the trial court decree, the right to retain the interest also falls away, so mere possession of the does not convert it into net wealth. On that basis, the interest amount was not includible in net wealth and the related additions remained deleted. en-us Thu, 29 Aug 1985 00:00:00 +0530 Fri, 18 Feb 2011 18:03:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65811 Pendente lite interest awarded under a civil decree does not constitute an asset belonging to the assessee for wealth-tax purposes once the decree is later set aside. Wealth-tax applies only to the aggregate value of property owned by the assessee on the valuation date, and a bare or extinguished right to receive interest is not transferable property or an enforceable asset. Where the High Court reverses the trial court decree, the right to retain the interest also falls away, so mere possession of the does not convert it into net wealth. On that basis, the interest amount was not includible in net wealth and the related additions remained deleted. Case-Laws Wealth-tax Thu, 29 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65811