https://www.taxtmi.com/caselaws?id=70148 The Tribunal held that the enhanced compensation awarded by the High Court is not included in the assessee's net wealth for the relevant assessment years. It determined that the right to claim enhanced compensation is not considered an asset under the Wealth Tax Act, as it is an inchoate right pending final determination by the Supreme Court. Additionally, the counter guarantee provided by the assessee was not recognized as a liability for Wealth Tax purposes due to its contingent nature and lack of maturity into a debt. The Tribunal emphasized the uncertainties surrounding the pending litigation as a factor in its decision. en-us Thu, 04 Aug 1977 00:00:00 +0530 Thu, 14 Apr 2011 15:48:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70148 The Tribunal held that the enhanced compensation awarded by the High Court is not included in the assessee's net wealth for the relevant assessment years. It determined that the right to claim enhanced compensation is not considered an asset under the Wealth Tax Act, as it is an inchoate right pending final determination by the Supreme Court. Additionally, the counter guarantee provided by the assessee was not recognized as a liability for Wealth Tax purposes due to its contingent nature and lack of maturity into a debt. The Tribunal emphasized the uncertainties surrounding the pending litigation as a factor in its decision. Case-Laws Income Tax Thu, 04 Aug 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70148