https://www.taxtmi.com/caselaws?id=5880 The value of a right to receive compensation for wealth-tax purposes must be estimated at its open market price on the valuation date, and any real liability or encumbrance that would reduce what a willing purchaser would pay must be taken into account at that valuation stage. A restriction on deducting tax arrears as debts in computing net wealth does not prevent those arrears from being considered where they affect the market value of the asset itself. Accordingly, agricultural income-tax dues relevant to adjustment against compensation were a proper factor in valuing the compensation right, and the asset could not be treated as having nil value merely because the dues were not separately deductible. en-us Mon, 20 Feb 1984 00:00:00 +0530 Fri, 28 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5880 The value of a right to receive compensation for wealth-tax purposes must be estimated at its open market price on the valuation date, and any real liability or encumbrance that would reduce what a willing purchaser would pay must be taken into account at that valuation stage. A restriction on deducting tax arrears as debts in computing net wealth does not prevent those arrears from being considered where they affect the market value of the asset itself. Accordingly, agricultural income-tax dues relevant to adjustment against compensation were a proper factor in valuing the compensation right, and the asset could not be treated as having nil value merely because the dues were not separately deductible. Case-Laws Wealth-tax Mon, 20 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5880