Supreme Court · 1968 INSC 227 · Decided 6 September 1968
Commissioner of Wealth-Tax, Madras v. SMT. Muthukrishna Ammal
- Court
- Supreme Court of India
- Citation
- 1968 INSC 227 · [1969] 2 S.C.R. 1
- Case number
- CIVIL APPEAL No. 1922/1967
- Decided
- 6 September 1968
- Bench
- J.C. SHAH, V. RAMASWAMI, A.N. GROVER (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
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 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. In the course of the respondent's
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