Value of the route permits held by the transporters should be considered for the purpose of wealth-tax assessments.

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....ddressed to the Commissioner of Wealth-tax, Punjab, a copy of which was forwarded to all the Commissioners. Section 2(e)(v) of the Wealth-tax Act provides that the term "assets" does not include any interest in property where the interest is available to an assessee for a period not exceeding six years from the date the interest vests in the assessee. In the aforesaid circular letter dated 20th Ma....

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....ion date, and section 2(e)(v) was applicable. 3. In the light of the ratio of the judgment in the above mentioned case the question of assessability of the value of route-permits to wealth-tax has been re-examined. The Board are of the opinion that if the enactments under which the transporters have been issued the route-permits, provide that the route-permits would appear to be covered by the ex....