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2010 (5) TMI 832 - HC - Wealth-taxWealth-tax assessment - assessees acquired the right to receive the compensation/ enhanced compensation - admittedly, the land of the assessees was acquired u/s. 4 of the LA Act and the compensation was paid, during the relevant period of asst. yr. 1995-96. - LA Act was passed at the time when India was not an independent sovereign State and its provisions were designated to compulsorily acquire the land by the State exercising the power of eminent domain to serve the public purpose - whether Tribunal was right in holding that right of the assessee to receive compensation and interest accrued thereon is not liable to wealth-tax? HELD THAT:- Tribunal has rightly held that mere right to receive enhanced compensation did not represent any wealth and legally directed its deletion. Therefore, we are also of the considered view that such right, which would depend upon the outcome of the appeal, is not absolute right. The mere right to receive compensation/enhanced compensation is variable, speculative and inchoate. Such right cannot be treated as wealth and includible in the previous returns of the assessees as such. Hence, the question of law posed in these appeals is answered against the Revenue and in favour of the assessees.
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