https://www.taxtmi.com/caselaws?id=191057 For income-tax purposes, land taken in satisfaction of a money-lending debt must be valued at its real worth in the accounting year, and not merely at the book figure or the amount of the discharged debt. Where the land is worth less than the principal advanced, no taxable profit arises solely because part of the debt is treated as satisfied. The revaluation applies to the year in which the land is received, while any final adjustment is deferred until the land is later sold and its actual result can be determined. en-us Tue, 03 Jul 1934 00:00:00 +0530 Sat, 18 Mar 2017 16:12:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191057 For income-tax purposes, land taken in satisfaction of a money-lending debt must be valued at its real worth in the accounting year, and not merely at the book figure or the amount of the discharged debt. Where the land is worth less than the principal advanced, no taxable profit arises solely because part of the debt is treated as satisfied. The revaluation applies to the year in which the land is received, while any final adjustment is deferred until the land is later sold and its actual result can be determined. Case-Laws Income Tax Tue, 03 Jul 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191057