Supreme Court of India
Commissioner of Wealth-tax, Madras v. Smt. Muthukrishna Ammal
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What the Court ordered
We are of the view that inte- A rest in property which is available to the tax-payer for a period not exceeding six years from the valuation date is not an asset within the meaning of s. 2 ( e) and the value thereof cannot be in cluded in the net wealth of the assessee for the financial year relevant to the valuation date.
Judgment, page 6
From the headnote
Wealth-tax Act s. 2(e) (v)-"Asset"-Definition of-Unexpired period of lease in excess of six years-Terminable in any year by notice from either party-If an "asset" to be included in computation of wealth. By two agreements of January 1, 1943 and January 1, 1945, the respondent obtained on lease from the Government certain salt pans. Each lease was to endure for 25 years but was liable to be determined by notice on either side at the close of any salt manufacturing season. The respondent sublet the rights under one lease for Rs. 15,000 per year and under the other lease for Rs. 18,000 per year.
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