https://www.taxtmi.com/caselaws?id=36237 The right to receive compensation for acquired land is an asset for wealth-tax purposes, but its value must be estimated separately on each relevant valuation date. Later enhancement of compensation by a court does not automatically fix the market value for earlier assessment years, especially where the award remains under challenge. The assessing authority must consider the property's marketability and the litigation risk in making that valuation. A Tribunal errs if it adopts the later enhanced compensation mechanically without first testing whether the original wealth-tax estimate was lawful. Fresh valuation on the relevant dates is therefore required. en-us Fri, 08 Aug 1980 00:00:00 +0530 Sat, 20 Mar 2010 12:08:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36237 The right to receive compensation for acquired land is an asset for wealth-tax purposes, but its value must be estimated separately on each relevant valuation date. Later enhancement of compensation by a court does not automatically fix the market value for earlier assessment years, especially where the award remains under challenge. The assessing authority must consider the property's marketability and the litigation risk in making that valuation. A Tribunal errs if it adopts the later enhanced compensation mechanically without first testing whether the original wealth-tax estimate was lawful. Fresh valuation on the relevant dates is therefore required. Case-Laws Wealth-tax Fri, 08 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36237