https://www.taxtmi.com/caselaws?id=206950 Leasehold land burdened by restrictive covenants on use, transfer, surrender and re-entry must be valued for wealth-tax by reflecting those clogs, and the valuation may be confined to the premium actually paid where the permission regime is personal and not an unrestricted incident of ownership. Land notified as surplus under the Urban Land (Ceiling & Regulation) Act, 1976 remained includible in net wealth after repeal because possession had not been taken and the case did not fall within the saving provision. Once the land was includible, the value of constructions standing on it was also liable to be brought to tax. en-us Fri, 06 May 2011 00:00:00 +0530 Wed, 23 Nov 2011 09:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206950 Leasehold land burdened by restrictive covenants on use, transfer, surrender and re-entry must be valued for wealth-tax by reflecting those clogs, and the valuation may be confined to the premium actually paid where the permission regime is personal and not an unrestricted incident of ownership. Land notified as surplus under the Urban Land (Ceiling & Regulation) Act, 1976 remained includible in net wealth after repeal because possession had not been taken and the case did not fall within the saving provision. Once the land was includible, the value of constructions standing on it was also liable to be brought to tax. Case-Laws Wealth-tax Fri, 06 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206950