1980 (3) TMI 135

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....hese have been heard together and are being disposed of by this common order for the sake of convenience. 2. The sole controversy which arises in these appeals is with regard to the inclusion in the assessments of the value of three immovable properties, Canara Club, Bombay, Cabins and Minto Guest House, Bombay, at the total figure of Rs.1,17,000. The WTO found that these properties were taken ....

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....mount of Rs. 1,17,000 which is comprised of Rs. 50,000 and the value of the Canara Club Property, Rs. 7,000 as the value of the Cabins and Rs. 60,000 as the value of Minto Guest House. 3. The assessee appealed to the AAC before whom written argument was filed. It was urged that the assessee had no interest in the said properties and that he had merely sub-let these properties to certain parties....

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....ese had been sub-let at a much higher rent. If the assessee had no interest in the properties, these could not have been sub-let. Referring to s. 2(e) of the WT Act it was urged that the definition of the term 'property' was of the widest amplitude and included interest in property of every description. The WTO, it was urged, had rightly included the amount of Rs. 1,17,000 in the assessment. The l....

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....uld be considered in the wealth-tax assessments. We could have understood if the assessee had held the properties in question on lease for a specified period. In that case the interest of the assessee in the properties could have been valued and included in the assessments. But where a property is held by an assessee on monthly tenancy, it cannot be said that the assessee has any interest in the p....