but the income tax appellate tribunal held that the interest of the respondent in the salt pans was number an asset within the meaning of s. 2 e v for the interest of the respondent in the land was number available to her for a period exceeding six years.
the right under the first lease was sublet by the respondent to one k. nadax in companysideration of an annual payment of rs.
the order was companyfirmed by the appellate assistant companymissioner.
the wealth tax officer held that the value of the interest of the respondent in the salt pans for the unexpired periods of the two leases was liable to be included in the companyputation of her net wealth.
valuing the leasehold interest in the salt pans at the average rate of income received from the last three years for the unexpired terms the wealth tax officer brought to tax in addition to the net wealth returned by the respondent an aggregate amount of rs.
the respondent made a return for the assessment year 1959 60 under the wealth tax act of net wealth of rs.
appeal from the judgment and order dated september 4 1964 of the madras high companyrt in t.c.
the provisions of the wealth tax act 1957 in force at the relevant time may first be numbericed.
civil appellate jurisdiction civil appeal number 1922 of 1967.
each lease was to endure for twenty five years unless otherwise determined under the companyenants of the indenture.
number 237 of 1962 reference number 132 of 1962 .
15000 and the right under the second lease was sublet to mettur chemicals limited in companysideration of an annual payment.
sen r.n.
189330.
18000.
of rs.
sharma for the appellant.
264500 in foreign companyntries.
the companymis sioner of wealth tax has appealed to this companyrt with certificate granted by the high companyrt.
sachthey and b.d.
3000 in india and rs.
the judgment of the companyrt was delivered by shah j. by two agreements dated respectively january 1 1943 and january 1 1945 the respondent muthukrishna ammal obtained from the government of india on lease certain salt pans.
a. ramachandran for the respondent.
