https://www.taxtmi.com/caselaws?id=32935 A contingent right to purchase property at a fixed price, exercisable only on future contingencies that had not occurred on the valuation date, was held not to be a present proprietary interest and therefore not an asset or interest in property includible in net wealth. Because the alleged asset could not be brought to tax, the reopening of assessment under the Wealth-tax Act had no surviving and could not be sustained. The decision applies the principle that a mere contractual or statutory purchase right, without present exercisability or proprietary interest, does not form part of taxable net wealth. en-us Fri, 13 Feb 2009 00:00:00 +0530 Fri, 03 Sep 2010 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32935 A contingent right to purchase property at a fixed price, exercisable only on future contingencies that had not occurred on the valuation date, was held not to be a present proprietary interest and therefore not an asset or interest in property includible in net wealth. Because the alleged asset could not be brought to tax, the reopening of assessment under the Wealth-tax Act had no surviving and could not be sustained. The decision applies the principle that a mere contractual or statutory purchase right, without present exercisability or proprietary interest, does not form part of taxable net wealth. Case-Laws Wealth-tax Fri, 13 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32935