https://www.taxtmi.com/caselaws?id=178108 A contingent right to receive enhanced land acquisition compensation and interest, while the quantum remained under challenge in pending proceedings, was not an absolute or present asset under the unamended Wealth-tax Act, 1957. The Court applied the principle that a right dependent on the outcome of litigation and liable to be defeated is only inchoate and speculative, not wealth in praesenti. Accordingly, such a right was not includible in net wealth for the relevant assessment years, and the issue was decided against the Revenue. en-us Wed, 19 May 2010 00:00:00 +0530 Wed, 16 Aug 2023 16:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178108 A contingent right to receive enhanced land acquisition compensation and interest, while the quantum remained under challenge in pending proceedings, was not an absolute or present asset under the unamended Wealth-tax Act, 1957. The Court applied the principle that a right dependent on the outcome of litigation and liable to be defeated is only inchoate and speculative, not wealth in praesenti. Accordingly, such a right was not includible in net wealth for the relevant assessment years, and the issue was decided against the Revenue. Case-Laws Wealth-tax Wed, 19 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178108