https://www.taxtmi.com/caselaws?id=8975 A mutawalli's right to receive remuneration under a wakf deed was held not to be an asset includible in net wealth under the Wealth-tax Act because wakf property vests in God and the mutawalli has only managerial control, not proprietary interest. The majority reasoned that the remuneration right was non-transferable and non-saleable, and therefore could not be valued as an asset in the statutory sense for wealth-tax purposes. A dissent considered the right to be property within the wider definition of assets, but the prevailing view excluded it from taxable net wealth. en-us Tue, 25 Jan 1972 00:00:00 +0530 Wed, 17 Jun 2009 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8975 A mutawalli's right to receive remuneration under a wakf deed was held not to be an asset includible in net wealth under the Wealth-tax Act because wakf property vests in God and the mutawalli has only managerial control, not proprietary interest. The majority reasoned that the remuneration right was non-transferable and non-saleable, and therefore could not be valued as an asset in the statutory sense for wealth-tax purposes. A dissent considered the right to be property within the wider definition of assets, but the prevailing view excluded it from taxable net wealth. Case-Laws Wealth-tax Tue, 25 Jan 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8975