https://www.taxtmi.com/caselaws?id=6840 A vested right to receive compensation under the Bihar Land Reforms Act was treated as property within the wide definition of "assets" under the Wealth-tax Act, so its estimated value was includible in net wealth despite uncertainty over the exact amount or mode of payment. Agricultural income-tax outstanding for more than twelve months on the valuation date fell within the statutory exclusion for tax liabilities under section 2(m)(iii) and was not deductible as a debt owed. Both questions were answered against the assessee and in favour of the revenue. en-us Fri, 14 Jan 1966 00:00:00 +0530 Fri, 06 Feb 2009 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6840 A vested right to receive compensation under the Bihar Land Reforms Act was treated as property within the wide definition of "assets" under the Wealth-tax Act, so its estimated value was includible in net wealth despite uncertainty over the exact amount or mode of payment. Agricultural income-tax outstanding for more than twelve months on the valuation date fell within the statutory exclusion for tax liabilities under section 2(m)(iii) and was not deductible as a debt owed. Both questions were answered against the assessee and in favour of the revenue. Case-Laws Wealth-tax Fri, 14 Jan 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6840