https://www.taxtmi.com/caselaws?id=22291 For wealth-tax purposes, once acquisition proceedings had commenced and compensation had been awarded but not finally settled, the taxable asset was the assessee's enforceable right to receive compensation, not the land itself or the eventual enhanced amount. That right had to be valued on each valuation date at its present worth, reflecting the existing award and the uncertainties of further litigation. The CBDT circular dated 15 May 1964 was held inapplicable on the facts. The Tribunal was directed to reconsider valuation afresh in light of the principle that the asset under assessment is the right to compensation and not the final compensation figure. en-us Fri, 22 Feb 1991 00:00:00 +0530 Tue, 08 Dec 2009 16:28:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22291 For wealth-tax purposes, once acquisition proceedings had commenced and compensation had been awarded but not finally settled, the taxable asset was the assessee's enforceable right to receive compensation, not the land itself or the eventual enhanced amount. That right had to be valued on each valuation date at its present worth, reflecting the existing award and the uncertainties of further litigation. The CBDT circular dated 15 May 1964 was held inapplicable on the facts. The Tribunal was directed to reconsider valuation afresh in light of the principle that the asset under assessment is the right to compensation and not the final compensation figure. Case-Laws Wealth-tax Fri, 22 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22291