https://www.taxtmi.com/caselaws?id=28685 The High Court of Madhya Pradesh determined that the right to receive mesne profits was an asset belonging to the assessee before the district judge's decree in 1967. The Court emphasized that this right, though a chose-in-action, constituted property falling within the Wealth Tax Act's asset definition. The Court rejected the argument that the right's inability to be sold excluded it from being considered an asset, stating that its valuation must be estimated hypothetically. The Court highlighted the heritability and transferability of the right, concluding that its existence predated the decree and may have a different valuation from the later adjudicated amount. en-us Wed, 14 Jul 1982 00:00:00 +0530 Wed, 24 Feb 2010 17:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28685 The High Court of Madhya Pradesh determined that the right to receive mesne profits was an asset belonging to the assessee before the district judge's decree in 1967. The Court emphasized that this right, though a chose-in-action, constituted property falling within the Wealth Tax Act's asset definition. The Court rejected the argument that the right's inability to be sold excluded it from being considered an asset, stating that its valuation must be estimated hypothetically. The Court highlighted the heritability and transferability of the right, concluding that its existence predated the decree and may have a different valuation from the later adjudicated amount. Case-Laws Wealth-tax Wed, 14 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28685