https://www.taxtmi.com/caselaws?id=6750 A present obligation to pay money in the future can constitute a debt even if the exact amount is still unascertained, provided the liability already exists and payment is certain. Applying that principle, the Andhra Pradesh HC treated the balance compensation payable under the land abolition enactment as an existing liability of the Government to the assessee. The unquantified nature of the amount did not prevent it from being regarded as a debt owing to the assessee, and it was therefore includible in the assessee's total wealth under the Wealth-tax Act. The question was answered in favour of the Revenue. en-us Thu, 10 Mar 1966 00:00:00 +0530 Sun, 01 Feb 2009 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6750 A present obligation to pay money in the future can constitute a debt even if the exact amount is still unascertained, provided the liability already exists and payment is certain. Applying that principle, the Andhra Pradesh HC treated the balance compensation payable under the land abolition enactment as an existing liability of the Government to the assessee. The unquantified nature of the amount did not prevent it from being regarded as a debt owing to the assessee, and it was therefore includible in the assessee's total wealth under the Wealth-tax Act. The question was answered in favour of the Revenue. Case-Laws Wealth-tax Thu, 10 Mar 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6750