https://www.taxtmi.com/caselaws?id=189323 A long-term leasehold interest with transferable, mortgageable and renewal rights was treated as property belonging to the company and included in net wealth under section 40 of the Finance Act, 1983. The Bella Vista leasehold, together with the land and building, was therefore brought to wealth-tax. The valuation of Patel House at Rs. 1,75,00,000 was left undisturbed because no material was produced to show error in the adopted figure. The remand on claimed liabilities was also sustained, with allowance limited to liabilities supported by capital formation or asset acquisition. en-us Tue, 17 Jun 1997 00:00:00 +0530 Thu, 05 Jan 2017 17:28:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189323 A long-term leasehold interest with transferable, mortgageable and renewal rights was treated as property belonging to the company and included in net wealth under section 40 of the Finance Act, 1983. The Bella Vista leasehold, together with the land and building, was therefore brought to wealth-tax. The valuation of Patel House at Rs. 1,75,00,000 was left undisturbed because no material was produced to show error in the adopted figure. The remand on claimed liabilities was also sustained, with allowance limited to liabilities supported by capital formation or asset acquisition. Case-Laws Income Tax Tue, 17 Jun 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189323