https://www.taxtmi.com/caselaws?id=119196 Leasehold properties and superstructures remained subject to the normal Schedule III valuation method under Rules 3 and 4 of the Wealth-tax Act because the lessee continued in possession, used the properties, sub-let godowns and earned rent. The government communication did not extinguish the leasehold rights; it only meant that any future extension or renewal required prior approval under the Major Port Trusts Act. The possibility of non-renewal was therefore only a contingent future event and not a present basis to adopt Rule 20 or a nil valuation. On the stated facts, Rule 8 did not displace Rules 3 and 4. en-us Tue, 27 Jan 2004 00:00:00 +0530 Mon, 09 Jul 2012 16:07:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119196 Leasehold properties and superstructures remained subject to the normal Schedule III valuation method under Rules 3 and 4 of the Wealth-tax Act because the lessee continued in possession, used the properties, sub-let godowns and earned rent. The government communication did not extinguish the leasehold rights; it only meant that any future extension or renewal required prior approval under the Major Port Trusts Act. The possibility of non-renewal was therefore only a contingent future event and not a present basis to adopt Rule 20 or a nil valuation. On the stated facts, Rule 8 did not displace Rules 3 and 4. Case-Laws Wealth-tax Tue, 27 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119196