2011 (7) TMI 785

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....ed at the instance of the assessee : "Whether, on the facts and circumstances of the case, the Tribunal should hold that applying the decision of the Supreme Court in the case of F. S. Ghandhi [1990] 184 ITR 34 (SC) that as the assessee was not occupying the land as a lessee under any lease agreement, the property is not exigible to wealth-tax ?"   The learned counsel appearing for the ....

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.... :   "So far as the third question is concerned, the facts are that the assessee is a lessee of a property situated in Triplicane, Madras, in terms of a lease deed dated May 22, 1968, the period of the lease being 21 years. That lease expired on April 30, 1987. After the expiry of the lease, no fresh lease was entered into between the assessee and its lessor. On the other hand, the lessor ....

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.... is placed, held that the continued possession of the property by the lessee after the expiry of the lease period, against the wishes of the lessor, was precarious and it could not be said that such a person had a vested interest in the land and would not fall within the scope of section 2(e)(2)(iii) of the Wealth-tax Act. The statutory provision applicable in this case also is section 2(e)(2)(iii....