https://www.taxtmi.com/caselaws?id=288967 A renewal option in a lease for successive ten-year periods was held not to offend the rule against perpetuity. The SC reasoned that Section 14 of the Transfer of Property Act applies only where a transfer creates an interest taking effect beyond the period it permits; here, the original lease was for ten years and the renewal clause did not itself create a present interest in property. The Court also noted that, even if treated as a covenant running with the land, Section 40 recognises enforceable obligations annexed to immovable property without converting them into proprietary interests. The appeal therefore failed. en-us Fri, 29 Aug 1969 00:00:00 +0530 Wed, 08 Jul 2020 11:52:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288967 A renewal option in a lease for successive ten-year periods was held not to offend the rule against perpetuity. The SC reasoned that Section 14 of the Transfer of Property Act applies only where a transfer creates an interest taking effect beyond the period it permits; here, the original lease was for ten years and the renewal clause did not itself create a present interest in property. The Court also noted that, even if treated as a covenant running with the land, Section 40 recognises enforceable obligations annexed to immovable property without converting them into proprietary interests. The appeal therefore failed. Case-Laws Indian Laws Fri, 29 Aug 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288967