2000 (7) TMI 14

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....see. Some of the reference applications have been filed by the Revenue and some by the assessee. The question referred for the opinion of this court under section 27(1) of the Wealth-tax Act, 1957 (in short the "Act"), at the instance of the Revenue is as under : "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the amount of compensation f....

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....Where the compensation to be determined is payable on a date much later than the valuation date, the value of the assessee's right to receive compensation can only be the present value, i.e., the value as on the valuation 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 relevant statute. This position w....