https://www.taxtmi.com/caselaws?id=26769 Wealth-tax valuation of a right to receive land-acquisition compensation requires assessment of its fair market value, considering surrounding circumstances and litigation risk. Where the record lacks material necessary to complete that statutory valuation exercise, the questions need not be answered on their merits. The High Court declined to answer the references because the Revenue's proposed valuation exercise had not been fully undertaken, notwithstanding that compensation had previously been quantified by a reasoned judgment. The matter was left to the Tribunal to make appropriate adjustments on existing and additional material. en-us Tue, 25 Jun 1985 00:00:00 +0530 Mon, 08 Feb 2010 13:28:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26769 Wealth-tax valuation of a right to receive land-acquisition compensation requires assessment of its fair market value, considering surrounding circumstances and litigation risk. Where the record lacks material necessary to complete that statutory valuation exercise, the questions need not be answered on their merits. The High Court declined to answer the references because the Revenue's proposed valuation exercise had not been fully undertaken, notwithstanding that compensation had previously been quantified by a reasoned judgment. The matter was left to the Tribunal to make appropriate adjustments on existing and additional material. Case-Laws Wealth-tax Tue, 25 Jun 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26769