https://www.taxtmi.com/caselaws?id=56997 Under the Wealth-tax Act, a right to receive enhanced land acquisition compensation was treated as an asset exigible to wealth-tax on the valuation date, while the compensation amount was later recognised as a debt owed and required to be deducted in recomputing wealth. Applying the wealth-tax meaning of "belonging", the Tribunal held that the Reviera Apartments flat, the Okhla plot and the Chandigarh hotel site were not includible in net wealth because legal title had not passed by registered conveyance. The valuation of standing trees was set aside for fresh determination because the estimate lacked adequate material and reasons. en-us Mon, 28 Jun 1999 00:00:00 +0530 Tue, 07 Dec 2010 17:13:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56997 Under the Wealth-tax Act, a right to receive enhanced land acquisition compensation was treated as an asset exigible to wealth-tax on the valuation date, while the compensation amount was later recognised as a debt owed and required to be deducted in recomputing wealth. Applying the wealth-tax meaning of "belonging", the Tribunal held that the Reviera Apartments flat, the Okhla plot and the Chandigarh hotel site were not includible in net wealth because legal title had not passed by registered conveyance. The valuation of standing trees was set aside for fresh determination because the estimate lacked adequate material and reasons. Case-Laws Wealth-tax Mon, 28 Jun 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56997