https://www.taxtmi.com/caselaws?id=39425 For wealth-tax purposes, ownership of the asset on the valuation date is decisive, and restrictions on user, earmarking of funds, or a possible transfer on compulsory purchase do not by themselves exclude an amount from net wealth. Applying that principle, the capital reserve arising from consumer contributions for service lines, the contingencies reserve under the Sixth Schedule to the Electricity (Supply) Act, 1948, and the development reserve under the same Schedule were all held includible in the assessee's net wealth. The reference was thus answered substantially in favour of the revenue. en-us Wed, 16 Jul 1975 00:00:00 +0530 Fri, 16 Apr 2010 13:18:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39425 For wealth-tax purposes, ownership of the asset on the valuation date is decisive, and restrictions on user, earmarking of funds, or a possible transfer on compulsory purchase do not by themselves exclude an amount from net wealth. Applying that principle, the capital reserve arising from consumer contributions for service lines, the contingencies reserve under the Sixth Schedule to the Electricity (Supply) Act, 1948, and the development reserve under the same Schedule were all held includible in the assessee's net wealth. The reference was thus answered substantially in favour of the revenue. Case-Laws Wealth-tax Wed, 16 Jul 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39425