https://www.taxtmi.com/caselaws?id=5881 Decrees and claim decrees are assets under section 7 of the Wealth-tax Act, 1957, but their value must be fixed at open-market price on the valuation date, not at face value. The valuation must reflect hazards of realisation, including delay, uncertainty and attachment, as a willing purchaser would discount them. Arrears of agricultural income-tax were not directly deductible from net wealth; instead, if they could be deducted from compensation under the Bihar Land Reforms Act, 1950, they were relevant only as a factor depressing the market value of the compensation right. The assessee's challenges therefore failed. 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=5881 Decrees and claim decrees are assets under section 7 of the Wealth-tax Act, 1957, but their value must be fixed at open-market price on the valuation date, not at face value. The valuation must reflect hazards of realisation, including delay, uncertainty and attachment, as a willing purchaser would discount them. Arrears of agricultural income-tax were not directly deductible from net wealth; instead, if they could be deducted from compensation under the Bihar Land Reforms Act, 1950, they were relevant only as a factor depressing the market value of the compensation right. The assessee's challenges therefore failed. Case-Laws Wealth-tax Mon, 20 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5881