https://www.taxtmi.com/caselaws?id=57966 Tenancy rights arising from a demolished rent-controlled building, together with an agreement for alternate accommodation and an optional purchase right in the new flats, were held not to be a marketable asset capable of valuation under the Wealth-tax Act. The protected occupation right was treated as a limited personal right, while the alternate accommodation and purchase option were contingent and too uncertain to quantify as wealth. On the penalty issue, concealment was not established because the disputed addition itself was unsustainable and the assessees acted on a bona fide view that the right was not taxable. The concealment penalties were therefore cancelled. en-us Thu, 28 Feb 1985 00:00:00 +0530 Wed, 15 Dec 2010 16:23:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57966 Tenancy rights arising from a demolished rent-controlled building, together with an agreement for alternate accommodation and an optional purchase right in the new flats, were held not to be a marketable asset capable of valuation under the Wealth-tax Act. The protected occupation right was treated as a limited personal right, while the alternate accommodation and purchase option were contingent and too uncertain to quantify as wealth. On the penalty issue, concealment was not established because the disputed addition itself was unsustainable and the assessees acted on a bona fide view that the right was not taxable. The concealment penalties were therefore cancelled. Case-Laws Wealth-tax Thu, 28 Feb 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57966