https://www.taxtmi.com/caselaws?id=6729 Forest land bearing trees of spontaneous growth was held not to be "agricultural land" for wealth-tax purposes because the decisive test is its ordinary use on the valuation date, not its mere capability of agricultural use. Probable compensation receivable under the abolition and ryotwari statute was treated as an ascertainable debt and therefore includible in total wealth, even though final quantification and future instalments remained pending. The Yanam property was also includible, as exclusion of assets outside India was available only to taxpayers satisfying the statutory conditions, which were not met here. The reference accordingly upheld inclusion of all disputed assets in net wealth. en-us Fri, 23 Jul 1965 00:00:00 +0530 Sun, 01 Feb 2009 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6729 Forest land bearing trees of spontaneous growth was held not to be "agricultural land" for wealth-tax purposes because the decisive test is its ordinary use on the valuation date, not its mere capability of agricultural use. Probable compensation receivable under the abolition and ryotwari statute was treated as an ascertainable debt and therefore includible in total wealth, even though final quantification and future instalments remained pending. The Yanam property was also includible, as exclusion of assets outside India was available only to taxpayers satisfying the statutory conditions, which were not met here. The reference accordingly upheld inclusion of all disputed assets in net wealth. Case-Laws Wealth-tax Fri, 23 Jul 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6729