2002 (8) TMI 91

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....court was delivered by R. JAYASIMHA BABU J.-The question referred to us at the instance of the assessee is: "Whether, on the facts and in the circumstances and having regard to the interpretation of the lease deed, the Tribunal was justified in confirming the valuation made by the Department in so far as it relates to the inclusion of reversionary value of the superstructure? "The assessm....

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....added certain sums as reversionary value of the superstructure. That order of the Assessing Officer has been upheld in appeal and thereafter affirmed by the Tribunal. The relevant clauses in the lease deed make it abundantly clear that the ownership of the building which has been put up at the cost of the joint lessees is with the joint lessees. They are the owners of the building and they are ....

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....e of the asset for the purpose of the wealth-tax is the value, as on the last date of the financial year. Whether the right of the owner of the building to retain ownership of the building is of limited or longer duration depending upon the period for which the land on which the building has been erected, has been taken on lease, will not materially affect this valuation. It is apparent that th....