1978 (4) TMI 31

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....is an asset within the meaning of section 2(e) of the Wealth-tax Act, 1957 ? " The relevant facts found and/or admitted in these proceedings are shortly as follows: The assessee had taken on lease a property known as Nos. 225B and 225C, Lower Circular Road, Calcutta, and had been running a boarding house therein. The lease expired in 1949. Thereafter there were proceedings between the landlord and the assessee which were ultimately settled. A fresh lease was executed on the 25th July, 1960, for a period of 21 years. Separate fixed rents for each period of 5 years within the total period of demise were stipulated in the said lease. In the assessment of wealth-tax of the assessee for the assessment year 1963-64, the relevant valuation date....

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....he net wealth of the assessee and taxed as wealth. No one has appeared on behalf of the assessee at the hearing before us. It was stated by the advocate on record that the assessee, Md. Ismail, had died during the pendency of the proceedings. Learned counsel for the revenue states on instructions that the death of the assessee has not been ascertained on enquiry. Mr. Suhas Sen, learned counsel for the revenue, contended before us that a leasehold interest was an interest in property within the meaning of the Transfer of Property Act and, therefore, it was an asset for the purpose of the W.T. Act, 1957. He drew our attention to s. 105 of the Transfer of Property Act, the material portion of which is as follows: " A lease of immovabl....