https://www.taxtmi.com/caselaws?id=25136 The Andhra Pradesh High Court held that the right to receive compensation for acquired agricultural lands does not qualify as an agricultural asset under the Wealth-tax Act. Once possession is taken by the government, the lands cease to be the assessee's asset, and the compensation becomes a debt. Similarly, the court ruled that cist receivable for agricultural lands is also a non-agricultural asset when received in cash. These decisions set a precedent for similar cases, favoring the Revenue and clarifying the treatment of such assets under the Wealth-tax Act. en-us Tue, 18 Aug 1987 00:00:00 +0530 Mon, 25 Jan 2010 15:58:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25136 The Andhra Pradesh High Court held that the right to receive compensation for acquired agricultural lands does not qualify as an agricultural asset under the Wealth-tax Act. Once possession is taken by the government, the lands cease to be the assessee's asset, and the compensation becomes a debt. Similarly, the court ruled that cist receivable for agricultural lands is also a non-agricultural asset when received in cash. These decisions set a precedent for similar cases, favoring the Revenue and clarifying the treatment of such assets under the Wealth-tax Act. Case-Laws Wealth-tax Tue, 18 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25136