https://www.taxtmi.com/caselaws?id=5314 A statutory right to receive compensation on vesting of land in the State is an asset for wealth-tax purposes and is includible in net wealth, even if the compensation has not yet been quantified or paid. However, where the compensation is deferred and remains unascertained on the valuation date, wealth-tax cannot be levied on the full estimated compensation; only the present value of that right is includible. The valuation must therefore be made on proper principles reflecting the deferred character of payment, and the matter requires fresh valuation on that basis. en-us Tue, 06 Nov 1990 00:00:00 +0530 Wed, 09 Dec 2015 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5314 A statutory right to receive compensation on vesting of land in the State is an asset for wealth-tax purposes and is includible in net wealth, even if the compensation has not yet been quantified or paid. However, where the compensation is deferred and remains unascertained on the valuation date, wealth-tax cannot be levied on the full estimated compensation; only the present value of that right is includible. The valuation must therefore be made on proper principles reflecting the deferred character of payment, and the matter requires fresh valuation on that basis. Case-Laws Wealth-tax Tue, 06 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5314