https://www.taxtmi.com/caselaws?id=36429 For estate duty purposes, the deceased's right to receive compensation for land compulsorily acquired before death was property passing on death and had to be valued under the open-market test in section 36 of the Estate Duty Act, 1953, as at the date of death. The Collector's award was only a relevant starting point, not the conclusive value, because the prospect of enhancement, litigation risk, delay, costs, uncertainty, and the possible effect of the protected tenants' share were all material to market value. The later civil court award could not be treated as the sole basis of valuation. The right therefore had to be revalued taking all contingencies into account. en-us Wed, 26 Dec 1979 00:00:00 +0530 Mon, 22 Mar 2010 12:49:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36429 For estate duty purposes, the deceased's right to receive compensation for land compulsorily acquired before death was property passing on death and had to be valued under the open-market test in section 36 of the Estate Duty Act, 1953, as at the date of death. The Collector's award was only a relevant starting point, not the conclusive value, because the prospect of enhancement, litigation risk, delay, costs, uncertainty, and the possible effect of the protected tenants' share were all material to market value. The later civil court award could not be treated as the sole basis of valuation. The right therefore had to be revalued taking all contingencies into account. Case-Laws Income Tax Wed, 26 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36429