https://www.taxtmi.com/caselaws?id=29531 The right to receive compensation under Section 72A of the Kerala Land Reforms Act, 1963 was an asset for Wealth-tax Act purposes because it represented an ascertainable statutory sum payable after vesting of the landowner's interest in Government. Section 7(1) requires valuation by estimating the price the asset would fetch in a hypothetical open market on the valuation date, and the absence of an actual market does not make the asset valueless. Litigation over the legislation and the need for statutory determination or Government disbursement could affect quantum, but they did not justify a nil valuation. The right could not be treated as having no market value. en-us Thu, 05 Nov 1981 00:00:00 +0530 Sat, 13 Mar 2010 15:52:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29531 The right to receive compensation under Section 72A of the Kerala Land Reforms Act, 1963 was an asset for Wealth-tax Act purposes because it represented an ascertainable statutory sum payable after vesting of the landowner's interest in Government. Section 7(1) requires valuation by estimating the price the asset would fetch in a hypothetical open market on the valuation date, and the absence of an actual market does not make the asset valueless. Litigation over the legislation and the need for statutory determination or Government disbursement could affect quantum, but they did not justify a nil valuation. The right could not be treated as having no market value. Case-Laws Wealth-tax Thu, 05 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29531