https://www.taxtmi.com/caselaws?id=330967 The High Court affirmed the Tribunal's decision that under the Wealth Tax Act, leasehold rights did not constitute assets for wealth tax purposes. The Court agreed that ownership was essential for an asset under the Act, and any other right, including leasehold rights, did not fall within the definition of "assets." The judgment clarified the importance of ownership in determining the taxability of rights in urban land, upholding the Tribunal's findings against the Department. en-us Mon, 04 Jul 2016 00:00:00 +0530 Tue, 09 Aug 2016 13:19:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330967 The High Court affirmed the Tribunal's decision that under the Wealth Tax Act, leasehold rights did not constitute assets for wealth tax purposes. The Court agreed that ownership was essential for an asset under the Act, and any other right, including leasehold rights, did not fall within the definition of "assets." The judgment clarified the importance of ownership in determining the taxability of rights in urban land, upholding the Tribunal's findings against the Department. Case-Laws Wealth-tax Mon, 04 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330967