https://www.taxtmi.com/caselaws?id=10587 A route permit under the Motor Vehicles Act, 1939 was treated as an interest in property available for a period not exceeding six years from vesting and therefore fell outside the definition of "assets" in section 2(e)(v) of the Wealth-tax Act, 1957. Because the permit was of limited duration, non-transferable except with permission, and liable to cancellation, its value could not be included in the assessee's net wealth. The exclusion of the route permit value from assessable wealth was upheld in favour of the assessee. en-us Mon, 17 Jan 2005 00:00:00 +0530 Sat, 18 Jul 2009 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10587 A route permit under the Motor Vehicles Act, 1939 was treated as an interest in property available for a period not exceeding six years from vesting and therefore fell outside the definition of "assets" in section 2(e)(v) of the Wealth-tax Act, 1957. Because the permit was of limited duration, non-transferable except with permission, and liable to cancellation, its value could not be included in the assessee's net wealth. The exclusion of the route permit value from assessable wealth was upheld in favour of the assessee. Case-Laws Wealth-tax Mon, 17 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10587