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2013 (3) TMI 360 - HC - Wealth-taxInitial compensation, enhanced compensation and interest - whether the right to compensation is an asset includable in the Net Wealth? - matter relates to the assessment year 1985-86 - Held that:- As decided in Commissioner of Income Tax vs. Mehtab (U.C.) [1995 (3) TMI 7 - SUPREME COURT] following it's earlier decision of CWT vs. Smt. Anjamli Khan (1990 (11) TMI 1 - SUPREME COURT) has clarified while issuing the direction that 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. Thus only such amount which has been received by the assessee or receivable on the date of valuation can be added in the net wealth of the assessee. The claim of the assessee for enhancement of the compensation amount if ultimately is accepted by the Court, will be added in the net wealth of the assessee on the valuation date of that year. Tribunal is justified in holding that the initial compensation for the period from 14.12.77 to 10.05.91 was not assessable in the hands of the assessee.
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