https://www.taxtmi.com/caselaws?id=13256 The High Court of Allahabad ruled in favor of the assessee, holding that the interest and compensation amount from the acquisition of land should not be included in the net wealth. The Court emphasized the lack of a final decree and non-acceptance of a compromise petition, stating that possession did not confer ownership without a valid transfer of title. The Court concluded that the right to compensation was subject to litigation, making the assessee a mere depositor of the amount. Ultimately, the Court upheld the Tribunal's decision to exclude the disputed amount from the assessee's net wealth, ruling against the Revenue. en-us Tue, 14 Feb 2006 00:00:00 +0530 Wed, 27 May 2009 17:02:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13256 The High Court of Allahabad ruled in favor of the assessee, holding that the interest and compensation amount from the acquisition of land should not be included in the net wealth. The Court emphasized the lack of a final decree and non-acceptance of a compromise petition, stating that possession did not confer ownership without a valid transfer of title. The Court concluded that the right to compensation was subject to litigation, making the assessee a mere depositor of the amount. Ultimately, the Court upheld the Tribunal's decision to exclude the disputed amount from the assessee's net wealth, ruling against the Revenue. Case-Laws Income Tax Tue, 14 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13256