https://www.taxtmi.com/caselaws?id=5297 Leasehold interests continuing after expiry of the leases, and terminable by notice under the Transfer of Property Act, were not treated as assets includible in net wealth under section 2(e)(2)(iii) of the Wealth-tax Act, 1957. The decisive question was whether the interest, on the date of vesting, remained available for a period exceeding six years; a precarious month-to-month tenancy, liable to termination at any time, did not satisfy that test. The value of such properties was therefore not includible in net wealth, and the Tribunal was held wrong to tax the interest as an asset. en-us Wed, 02 May 1990 00:00:00 +0530 Tue, 14 Feb 2017 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5297 Leasehold interests continuing after expiry of the leases, and terminable by notice under the Transfer of Property Act, were not treated as assets includible in net wealth under section 2(e)(2)(iii) of the Wealth-tax Act, 1957. The decisive question was whether the interest, on the date of vesting, remained available for a period exceeding six years; a precarious month-to-month tenancy, liable to termination at any time, did not satisfy that test. The value of such properties was therefore not includible in net wealth, and the Tribunal was held wrong to tax the interest as an asset. Case-Laws Wealth-tax Wed, 02 May 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5297