https://www.taxtmi.com/caselaws?id=12363 For wealth-tax valuation of a superstructure erected by joint lessees on leased land, the rental capitalisation method had to be applied by reference to the rent and the capitalisation period, without adding a reversionary element. The lessees had constructed the building at their own cost, owned it during the lease term, and were liable to wealth-tax on that superstructure. As the assessees had no reversionary interest in the building, the lessor's reversionary interest in the land could not be imported into the valuation of the superstructure. Valuation had to be made as on the valuation date, and the remaining lease term for the land did not reduce the value of the building owned by the lessees. en-us Mon, 26 Aug 2002 00:00:00 +0530 Tue, 23 Feb 2010 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12363 For wealth-tax valuation of a superstructure erected by joint lessees on leased land, the rental capitalisation method had to be applied by reference to the rent and the capitalisation period, without adding a reversionary element. The lessees had constructed the building at their own cost, owned it during the lease term, and were liable to wealth-tax on that superstructure. As the assessees had no reversionary interest in the building, the lessor's reversionary interest in the land could not be imported into the valuation of the superstructure. Valuation had to be made as on the valuation date, and the remaining lease term for the land did not reduce the value of the building owned by the lessees. Case-Laws Wealth-tax Mon, 26 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12363