https://www.taxtmi.com/caselaws?id=7160 For wealth-tax purposes, a presently enforceable claim to compensation is an asset even where the exact balance remains unascertained on the valuation date. The right to receive the remaining compensation under the Madras Estates (Abolition and Conversion into Ryotwari) Act had accrued, so the outstanding amount was includible in net wealth. Accrued interest on outstanding loans was also treated as part of the debt due on the valuation date and therefore formed part of the taxable asset, irrespective of the accountancy method adopted or the possibility of later non-realisation. Both issues were answered in favour of the Revenue. en-us Fri, 30 Jun 1967 00:00:00 +0530 Wed, 11 Feb 2009 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7160 For wealth-tax purposes, a presently enforceable claim to compensation is an asset even where the exact balance remains unascertained on the valuation date. The right to receive the remaining compensation under the Madras Estates (Abolition and Conversion into Ryotwari) Act had accrued, so the outstanding amount was includible in net wealth. Accrued interest on outstanding loans was also treated as part of the debt due on the valuation date and therefore formed part of the taxable asset, irrespective of the accountancy method adopted or the possibility of later non-realisation. Both issues were answered in favour of the Revenue. Case-Laws Wealth-tax Fri, 30 Jun 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7160