https://www.taxtmi.com/caselaws?id=289429 A contingent expectation of compensation under the West Bengal Estates Acquisition Act, 1953, before final publication of the compensation assessment roll, was not a present enforceable right. Because compensation became payable only after the statutory assessment and payment process, the claim remained inchoate and indeterminate, and could not be treated as an asset or actionable claim under the Wealth Tax Act. The open market test under Section 7 also could not be used to value a legally unsaleable and contingent expectancy that had not matured into a realizable asset. The compensation scheme was treated as inseparably linked with agricultural land and agricultural income, which were outside the relevant wealth-tax base. en-us Fri, 20 Feb 1970 00:00:00 +0530 Thu, 30 Jul 2020 12:48:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289429 A contingent expectation of compensation under the West Bengal Estates Acquisition Act, 1953, before final publication of the compensation assessment roll, was not a present enforceable right. Because compensation became payable only after the statutory assessment and payment process, the claim remained inchoate and indeterminate, and could not be treated as an asset or actionable claim under the Wealth Tax Act. The open market test under Section 7 also could not be used to value a legally unsaleable and contingent expectancy that had not matured into a realizable asset. The compensation scheme was treated as inseparably linked with agricultural land and agricultural income, which were outside the relevant wealth-tax base. Case-Laws Wealth-tax Fri, 20 Feb 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289429