https://www.taxtmi.com/caselaws?id=8304 A statutory right to receive ad interim compensation on vesting of an estate was treated as property and therefore includible as an asset in net wealth. Arrears of agricultural income-tax outstanding for more than twelve months were not deductible as debts because the exclusion for tax liabilities was read broadly to cover income-tax laws beyond Central enactments. However, those arrears could still be considered in fixing the market value of the compensation right, since the valuation had to reflect the actual burdens attached to the asset. A challenge to the provision as ultra vires was held outside the scope of advisory reference jurisdiction. en-us Fri, 17 Sep 1971 00:00:00 +0530 Thu, 09 Apr 2009 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8304 A statutory right to receive ad interim compensation on vesting of an estate was treated as property and therefore includible as an asset in net wealth. Arrears of agricultural income-tax outstanding for more than twelve months were not deductible as debts because the exclusion for tax liabilities was read broadly to cover income-tax laws beyond Central enactments. However, those arrears could still be considered in fixing the market value of the compensation right, since the valuation had to reflect the actual burdens attached to the asset. A challenge to the provision as ultra vires was held outside the scope of advisory reference jurisdiction. Case-Laws Wealth-tax Fri, 17 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8304