Monthly tenancy and no taxable interest under Wealth-tax Act led to refusal to refer any question of law.

A monthly tenant who merely occupied and sub-let properties was held to have no taxable interest in those properties capable of valuation under section 2(c) of the Wealth-tax Act. The Tribunal treated the finding that the assessee was a monthly tenant as a finding of fact, and on that basis concluded that no referable question of law arose from the order. The request to refer the questions to the High Court was therefore declined.

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Issues: Whether any referable question of law arose from the Tribunal's finding that the properties were held by the assessee as a monthly tenant and, therefore, no taxable interest in the properties existed for wealth-tax purposes.

Analysis: The Tribunal held that the assessee occupied the properties on a monthly tenancy, sub-let them, and derived rental income, but had no interest in the properties capable of valuation under section 2(c) of the Wealth-tax Act. The finding that the assessee was a monthly tenant was treated as a finding of fact. On that basis, the Tribunal concluded that no question of law arose from the order.

Conclusion: No referable question of law arose, and the request to refer the questions to the High Court was declined.

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