https://www.taxtmi.com/caselaws?id=69788 Enhanced valuation of the disputed properties was upheld because the earlier returned values were not shown to remain reliable after lapse of time, and the rental arrangement did not bind acceptance of the old capital value. A right to receive compensation for lands vested in the Government under the land ceiling law could not be treated as Government bonds for exemption on the valuation date, since payment could be made in cash or bonds at the Government's discretion. That right was assessable as an actionable claim and had to be valued at its present worth on a discounted basis, not at face value. en-us Mon, 08 Sep 1980 00:00:00 +0530 Tue, 12 Apr 2011 10:58:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69788 Enhanced valuation of the disputed properties was upheld because the earlier returned values were not shown to remain reliable after lapse of time, and the rental arrangement did not bind acceptance of the old capital value. A right to receive compensation for lands vested in the Government under the land ceiling law could not be treated as Government bonds for exemption on the valuation date, since payment could be made in cash or bonds at the Government's discretion. That right was assessable as an actionable claim and had to be valued at its present worth on a discounted basis, not at face value. Case-Laws Wealth-tax Mon, 08 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69788