TMI Blog1983 (7) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... or the opinion of this court under s. 27(1) of the W.T. Act, 1957, reads : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the assessee's claim for higher compensation in respect of acquisition of property is not an asset and, therefore, not a part of an assessee's wealth as on the valuation date under the Wealth-tax Act, 1957 ? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It was urged in the appeal that the charge of wealth-tax should be on the net wealth and not on the claim for enhanced compensation. The assessee in support of the contention depended upon the definition of the term It net wealth " as defined under s. 2(m) of the Act. This contention was accepted by the AAC and he deleted the addition of Rs. 34,00,163 from the net wealth. Against the said orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded, is the net wealth of the assessee during the year as on the valuation date." Plainly, the view taken by the Tribunal appears to be not correct. The Tribunal could not have altogether disregarded the claim of the assessee for higher compensation in respect of the property acquired. Such claim is capable of estimation and there should be a proper estimation on the basis of the nature of the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nasmuch as the risk or hazard of litigation would be a detracting factor while arriving at a reasonable and proper value of this property as on the date of the deceased's death. The assessing authority will have to estimate the value having regard to the peculiar nature of the property, its marketability and the surrounding circumstances including the risk or hazard of litigation looming large at ..... X X X X Extracts X X X X X X X X Extracts X X X X
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