https://www.taxtmi.com/caselaws?id=28873 A leasehold interest continued after expiry of the lease and uninterrupted possession by the lessee can amount to a tenancy by holding over, creating a fresh month-to-month tenancy under the Transfer of Property Act. Such an interest is juridical, transferable and heritable, and therefore falls within the wide meaning of "assets" and "belonging to" the assessee for wealth-tax purposes under section 2(e)(v). Valuation of the properties on a rental basis was also upheld, because the Tribunal could rely on location, income-yielding capacity and other relevant facts, and the commercial property's rental capitalisation on a multiple of ten disclosed no legal error. en-us Tue, 02 Feb 1982 00:00:00 +0530 Mon, 08 Mar 2010 12:38:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28873 A leasehold interest continued after expiry of the lease and uninterrupted possession by the lessee can amount to a tenancy by holding over, creating a fresh month-to-month tenancy under the Transfer of Property Act. Such an interest is juridical, transferable and heritable, and therefore falls within the wide meaning of "assets" and "belonging to" the assessee for wealth-tax purposes under section 2(e)(v). Valuation of the properties on a rental basis was also upheld, because the Tribunal could rely on location, income-yielding capacity and other relevant facts, and the commercial property's rental capitalisation on a multiple of ten disclosed no legal error. Case-Laws Wealth-tax Tue, 02 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28873