2013 (3) TMI 360

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....K. Upadhyay,S.Chopra ORDER The present appeal has been filed u/s 27-A of the Wealth Tax Act against the order dated 24.2.2004 passed by the Income Tax Appellate Tribunal, Delhi Bench 'A', Delhi in Wealth Tax Appeal No. 52/Del/2000. The appeal has been admitted on the following substantial question of law: - "1. Whether in the facts and circumstances of the case, the Tribunal is justified ....

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....e assessee filed wealth tax return u/s 14(1) of the Wealth Tax Act, declaring the wealth at Rs. 11,486/-. A notice u/s 17 was issued for charging to tax the right to receive compensation on account of the land of the assessee was acquired by the State Government on 14.12.1977 under the Land Acquisition Act, 1894 by issuing notification u/s 4 thereof and the possession was taken by the State Govern....

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.... the appeals filed by the Department. Sri R.K. Upadhyay, learned counsel for the Department, submits that right to receive compensation is an asset within the meaning of Wealth Tax Act. Elaborating the argument, he submits that the said asset should be valued in terms of the amount finally received by the assessee. He has placed reliance upon a judgment of Apex Court in the case of Commissioner....

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....ation date of the amount) that may be determined and paid as compensation in future. It cannot be equal to the amount of compensation payable under the Act. The present value of the future compensation will, therefore, have to be determined on a consideration of all relevant aspects." The Apex Court has clarified while issuing the direction that the value of the assessee's right to receive comp....