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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Route Permits Under Six Years Exempt from Wealth Tax Per Supreme Court; Assessors to Evaluate Case-by-Case.</h1> The circular addresses the valuation of route permits held by transporters for wealth-tax assessments under the Wealth Tax Act, 1957. It references a Supreme Court judgment which clarified that interests not exceeding six years are exempt from wealth tax. The Board concludes that route permits issued under relevant Motor Vehicle Acts, if valid for less than six years, should not be included in wealth-tax assessments due to their precarious nature, as the government may choose not to renew them. Assessing officers are advised to evaluate each case based on the permit terms and relevant legal provisions, modifying previous instructions accordingly.
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