https://www.taxtmi.com/caselaws?id=9270 A statutory right to compensation payable by the Government for agricultural land vested under the Kerala Land Reforms Act was an asset includible in net wealth on the valuation date, but its value had to be determined under the compensation and instalment scheme in that statute rather than by treating the tenant's purchase price as the owner's compensation. The assessment was therefore set aside only on valuation. The Wealth-tax penalty notice was also invalid because it was issued in a printed, omnibus form without specifying the precise default or striking out irrelevant grounds, leaving the assessee without clear notice of the alleged contravention. The penalty notice was quashed. en-us Thu, 14 Jun 1973 00:00:00 +0530 Sat, 20 Jun 2009 16:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9270 A statutory right to compensation payable by the Government for agricultural land vested under the Kerala Land Reforms Act was an asset includible in net wealth on the valuation date, but its value had to be determined under the compensation and instalment scheme in that statute rather than by treating the tenant's purchase price as the owner's compensation. The assessment was therefore set aside only on valuation. The Wealth-tax penalty notice was also invalid because it was issued in a printed, omnibus form without specifying the precise default or striking out irrelevant grounds, leaving the assessee without clear notice of the alleged contravention. The penalty notice was quashed. Case-Laws Wealth-tax Thu, 14 Jun 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9270