https://www.taxtmi.com/caselaws?id=28169 A lease covenant requiring the lessee to pay the lessor 75% of the profit on sale of the plot operated as a restriction on the assessee's interest and reduced the asset's real value on the valuation date for wealth-tax purposes. That contingent profit-sharing obligation had to be deducted even though no sale occurred in the relevant year, because valuation had to reflect the net worth of the leasehold interest as held by the assessee. Applying the Supreme Court's principle on comparable profit-sharing covenants, the deductible amount was the lessor's share of the difference between purchase price and assumed sale price, and the issue was answered in favour of the assessee. en-us Tue, 26 Apr 1983 00:00:00 +0530 Fri, 19 Feb 2010 13:52:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28169 A lease covenant requiring the lessee to pay the lessor 75% of the profit on sale of the plot operated as a restriction on the assessee's interest and reduced the asset's real value on the valuation date for wealth-tax purposes. That contingent profit-sharing obligation had to be deducted even though no sale occurred in the relevant year, because valuation had to reflect the net worth of the leasehold interest as held by the assessee. Applying the Supreme Court's principle on comparable profit-sharing covenants, the deductible amount was the lessor's share of the difference between purchase price and assumed sale price, and the issue was answered in favour of the assessee. Case-Laws Wealth-tax Tue, 26 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28169