https://www.taxtmi.com/caselaws?id=21980 A statutory right to receive compensation under the Karnataka Land Reforms Act, 1961 was treated as property and therefore an asset under section 2(e) of the Wealth-tax Act, 1957, even though the compensation had not yet been quantified on the valuation date. The Court held that vesting of the lands in the State created an enforceable entitlement to compensation governed by a statutory formula, and delay in determination or payment did not make the right contingent or inchoate. The receivable was thus includible as an asset, subject to valuation principles such as discounting for tax purposes. en-us Mon, 03 Jun 1991 00:00:00 +0530 Sat, 05 Dec 2009 12:27:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21980 A statutory right to receive compensation under the Karnataka Land Reforms Act, 1961 was treated as property and therefore an asset under section 2(e) of the Wealth-tax Act, 1957, even though the compensation had not yet been quantified on the valuation date. The Court held that vesting of the lands in the State created an enforceable entitlement to compensation governed by a statutory formula, and delay in determination or payment did not make the right contingent or inchoate. The receivable was thus includible as an asset, subject to valuation principles such as discounting for tax purposes. Case-Laws Wealth-tax Mon, 03 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21980