2005 (1) TMI 75

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....law under section 27(1) of the Wealth-tax Act, 1957, for opinion to this court: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in excluding the value of route permit from the assessable wealth of the assessee observing that the same did not fall within the definition of asset as defined in section 2(e)(v)?" The reference relates to the assessment y....

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....sferable except with the permission of the transport authority and it is liable to be cancelled under section 60 of the aforesaid Act. The Tribunal had held that in view of the provisions of section 2(e)(v) of the Act which has been inserted with effect from April 1, 1969, any interest in property where the interest is available to the assessee for a period not exceeding six years from the date th....

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....se of F.S. Ghandhi v. CWT [1990] 184 ITR 34 has held that the properties in respect of which leases had expired in 1958 and 1963, were not assets within the meaning of section 2(e)(2)(iii) of the Act, their value was not liable to be included in the net wealth of the assessee. The apex court has followed its earlier decision in the case of CWT v. Smt. R.A. Muthukrishna Ammal [1969] 72 ITR 801. As ....