https://www.taxtmi.com/caselaws?id=40264 The Supreme Court ruled in favor of the Revenue, determining that the life interest should be considered an asset and valued accordingly for wealth tax assessment purposes. The court rejected the argument that the life interest was merely a personal right, emphasizing the broad interpretation of "assets" under the Wealth-tax Act. The judgment highlighted the importance of valuing assets even without specific rules, directing the valuation of the life interest based on what an assumed willing purchaser would pay in an open market scenario. en-us Tue, 12 Dec 2000 00:00:00 +0530 Fri, 27 Jun 2014 23:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40264 The Supreme Court ruled in favor of the Revenue, determining that the life interest should be considered an asset and valued accordingly for wealth tax assessment purposes. The court rejected the argument that the life interest was merely a personal right, emphasizing the broad interpretation of "assets" under the Wealth-tax Act. The judgment highlighted the importance of valuing assets even without specific rules, directing the valuation of the life interest based on what an assumed willing purchaser would pay in an open market scenario. Case-Laws Wealth-tax Tue, 12 Dec 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40264