https://www.taxtmi.com/caselaws?id=21708 The court ruled in favor of the Revenue, determining that the right of occupation granted by the company to the assessees constituted an asset with market value for wealth-tax assessment. Despite restrictions, the court held that the right was transferable for consideration, distinguishing it from a mere leave and licence. The decision emphasized the broad interpretation of "assets" under the Wealth-tax Act and rejected the argument that the right had no market value. The judgment underscored the need to assess the specific terms and transferability of rights in determining their status as taxable assets. en-us Fri, 03 May 1991 00:00:00 +0530 Fri, 27 Nov 2009 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21708 The court ruled in favor of the Revenue, determining that the right of occupation granted by the company to the assessees constituted an asset with market value for wealth-tax assessment. Despite restrictions, the court held that the right was transferable for consideration, distinguishing it from a mere leave and licence. The decision emphasized the broad interpretation of "assets" under the Wealth-tax Act and rejected the argument that the right had no market value. The judgment underscored the need to assess the specific terms and transferability of rights in determining their status as taxable assets. Case-Laws Wealth-tax Fri, 03 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21708