COMMISSIONER OF WEALTH TAX, CALCUTTA vs SMT. ANJAMLI KHAN

The Supreme Court held that the right to receive compensation under the West Bengal Estates Acquisition Act, 1953 is an 'asset' that must be included in the net wealth of the assessee as per Section 2(e) of the Wealth Tax Act, 1957. The Court found no distinction in principle between the Bihar Land Reforms Act, 1950 and the West Bengal Estates Acquisition Act, 1953, and concluded that the High Court and Tribunal erred in their assessments. The appeals by the Revenue were allowed, affirming the inclusion of the compensation amounts in the net wealth of the assessee.