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of <h1>Supreme Court Petition Filed Over Wealth-tax on Lease Renewal Rights u/s 2(e) Despite Bombay HC Ruling.</h1> The circular addresses the interpretation of Section 2(e) of the Wealth-tax Act concerning leased properties. It highlights a case where a theatre was leased for six years with an option for a five-year extension, classifying the lessee's renewal right as an asset subject to Wealth-tax. Despite a contrary decision by the Bombay High Court in the Seth Ram Nath K. Daga case, which the Commissioner of Income-tax initially supported, the decision was not accepted, and a Special Leave Petition was filed with the Supreme Court. Officers are instructed to follow the audit's interpretation to prevent revenue loss.
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