https://www.taxtmi.com/caselaws?id=8796 For wealth-tax purposes, decretal debts, claim decrees, compensation receivable under the Bihar Land Reforms Act, usufructuary mortgage dues, and a bond amount were treated as assets, but their values had to be determined on the open-market basis under section 7 rather than at face value. The valuation had to reflect delays, hazards of recovery, restrictions on enforcement, and other liabilities affecting realisation. Agricultural income-tax arrears were not deductible as a separate debt on the valuation date, but they were relevant in reducing the market value of the compensation receivable. The key principle is that receivables are includible as assets, subject to realistic valuation. en-us Fri, 05 May 1972 00:00:00 +0530 Thu, 04 Jun 2009 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8796 For wealth-tax purposes, decretal debts, claim decrees, compensation receivable under the Bihar Land Reforms Act, usufructuary mortgage dues, and a bond amount were treated as assets, but their values had to be determined on the open-market basis under section 7 rather than at face value. The valuation had to reflect delays, hazards of recovery, restrictions on enforcement, and other liabilities affecting realisation. Agricultural income-tax arrears were not deductible as a separate debt on the valuation date, but they were relevant in reducing the market value of the compensation receivable. The key principle is that receivables are includible as assets, subject to realistic valuation. Case-Laws Wealth-tax Fri, 05 May 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8796