1969 (7) TMI 9

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....ssessment year is 1959-60. The assessee had taken lease of about 900 acres of land for preparation of salt. These lands were valued at Rs. 1,54,000 for the purpose of wealth-tax on June 30, 1958. The assessee contended that these lands should be excluded from the assets for determining the net wealth under the Wealth-tax Act. This contention was rejected. A reference was also rejected and the asse....

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....se (v) of section 2(e) of the Wealth-tax Act means " is and has been available to an assessee for the period of six years before the date of valuation ". This contention was rejected. Their Lordships observed that the expression must mean that the assessee, though he has interest in property at the valuation date, the interest will remain available for a period not exceeding six years. If it is to....