https://www.taxtmi.com/caselaws?id=59897 For wealth-tax purposes, a lessee who erects a superstructure on leased premises may be treated as the owner of that structure where the lease arrangement is not validly registered but the tenancy subsists, and the lessee has built, used and later transferred the building. The structure is therefore includible as an asset. A building is not stock-in-trade merely because it is let out and generates rental income; absent evidence of a property development or trading business, the exclusion from wealth-tax does not apply. The valuation issue was remanded for fresh determination. en-us Mon, 09 Sep 1996 00:00:00 +0530 Sat, 01 Jan 2011 16:59:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59897 For wealth-tax purposes, a lessee who erects a superstructure on leased premises may be treated as the owner of that structure where the lease arrangement is not validly registered but the tenancy subsists, and the lessee has built, used and later transferred the building. The structure is therefore includible as an asset. A building is not stock-in-trade merely because it is let out and generates rental income; absent evidence of a property development or trading business, the exclusion from wealth-tax does not apply. The valuation issue was remanded for fresh determination. Case-Laws Income Tax Mon, 09 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59897