https://www.taxtmi.com/caselaws?id=60112 Compensation for properties seized in Bangladesh was not includible in net wealth where, on the relevant valuation dates, the assessee had no enforceable legal right to receive it and the compensation claim had not crystallised. The foreign government had taken over the properties, so the assessee lacked access and only a later payment was made. For wealth-tax purposes, only a legally subsisting right or asset existing on the valuation date can be brought to tax; a contingent or inchoate expectation is insufficient. The compensation was therefore excluded from the assessee's net wealth for the years under appeal. en-us Fri, 12 Mar 1982 00:00:00 +0530 Mon, 03 Jan 2011 17:33:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60112 Compensation for properties seized in Bangladesh was not includible in net wealth where, on the relevant valuation dates, the assessee had no enforceable legal right to receive it and the compensation claim had not crystallised. The foreign government had taken over the properties, so the assessee lacked access and only a later payment was made. For wealth-tax purposes, only a legally subsisting right or asset existing on the valuation date can be brought to tax; a contingent or inchoate expectation is insufficient. The compensation was therefore excluded from the assessee's net wealth for the years under appeal. Case-Laws Wealth-tax Fri, 12 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60112