https://www.taxtmi.com/caselaws?id=27767 A vested right to receive enhanced compensation on compulsory acquisition is property and therefore an asset for wealth-tax purposes, even if the amount is not finally quantified when the land is acquired. The right arises on divestment of the property and exists on the relevant valuation date, so later determination of compensation does not extinguish it. However, the value of that right must be assessed independently as on the valuation date by reference to the market value then prevailing; a later court award cannot itself be adopted as the valuation. The wealth-tax treatment of the right was upheld in principle, but the valuation adopted was set aside for fresh determination. en-us Fri, 05 Aug 1983 00:00:00 +0530 Tue, 16 Feb 2010 10:08:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27767 A vested right to receive enhanced compensation on compulsory acquisition is property and therefore an asset for wealth-tax purposes, even if the amount is not finally quantified when the land is acquired. The right arises on divestment of the property and exists on the relevant valuation date, so later determination of compensation does not extinguish it. However, the value of that right must be assessed independently as on the valuation date by reference to the market value then prevailing; a later court award cannot itself be adopted as the valuation. The wealth-tax treatment of the right was upheld in principle, but the valuation adopted was set aside for fresh determination. Case-Laws Wealth-tax Fri, 05 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27767