Interest in property as lease renewal right treated as taxable asset under wealth tax; assessments to follow audit view. A lessee's option to renew a lease that extends the effective lease period is an interest in property within section 2(e) of the Wealth-tax Act and thus an asset liable to wealth tax; because a conflicting High Court decision is under challenge by way of SLP, the Board directed that assessments follow the Audit interpretation treating such renewal rights as taxable assets to prevent revenue loss.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest in property as lease renewal right treated as taxable asset under wealth tax; assessments to follow audit view.
A lessee's option to renew a lease that extends the effective lease period is an interest in property within section 2(e) of the Wealth-tax Act and thus an asset liable to wealth tax; because a conflicting High Court decision is under challenge by way of SLP, the Board directed that assessments follow the Audit interpretation treating such renewal rights as taxable assets to prevent revenue loss.
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