https://www.taxtmi.com/caselaws?id=69681 Net wealth valuation required the right to receive rent to be valued at its market value on the valuation date, not automatically at the full face amount, where the rent had become irrecoverable due to tenant trouble and eviction. The write-off was treated as a valuation issue for the receivable itself, not as a bad debt deduction claim. A representative's apparent consent did not justify assessment at the full amount if the legal valuation principle pointed otherwise. The addition of the entire amount was not sustained, and the matter was remitted for fresh determination of the market value and consequential reassessment. en-us Fri, 27 Aug 1976 00:00:00 +0530 Mon, 11 Apr 2011 15:27:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69681 Net wealth valuation required the right to receive rent to be valued at its market value on the valuation date, not automatically at the full face amount, where the rent had become irrecoverable due to tenant trouble and eviction. The write-off was treated as a valuation issue for the receivable itself, not as a bad debt deduction claim. A representative's apparent consent did not justify assessment at the full amount if the legal valuation principle pointed otherwise. The addition of the entire amount was not sustained, and the matter was remitted for fresh determination of the market value and consequential reassessment. Case-Laws Income Tax Fri, 27 Aug 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69681