https://www.taxtmi.com/caselaws?id=269919 Leasehold interest in unused open land taken on a long-term lease was treated as an asset under Section 40 of the Finance Act, 1983 because the provision extends beyond strict legal ownership to land "held" by the assessee for industrial purposes. The expression "belonging to" was also held broad enough to cover rights less than absolute title where the lease confers substantial, enforceable possession and enjoyment. On the terms of the ninety-five-year lease, the assessee had sufficient domain over the land, so the open land was included in net wealth for wealth tax purposes. en-us Fri, 18 Dec 2015 00:00:00 +0530 Mon, 02 May 2016 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269919 Leasehold interest in unused open land taken on a long-term lease was treated as an asset under Section 40 of the Finance Act, 1983 because the provision extends beyond strict legal ownership to land "held" by the assessee for industrial purposes. The expression "belonging to" was also held broad enough to cover rights less than absolute title where the lease confers substantial, enforceable possession and enjoyment. On the terms of the ninety-five-year lease, the assessee had sufficient domain over the land, so the open land was included in net wealth for wealth tax purposes. Case-Laws Wealth-tax Fri, 18 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269919