2002 (11) TMI 38 - HC - Wealth-tax

Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the property let out by the assessee was not an asset exigible to wealth-tax within the meaning of section 40(3)(vi) of the Finance Act, 1983? - we decline to answer the common question of law referred to us but the matter is remitted to the Tribunal to consider the question afresh.

Summary

The High Court of Madras remanded a case to the Tribunal for reconsideration regarding the asset's classification for wealth tax, emphasizing the need to consider all relevant factors including the deed of lease and the period of lease. The court declined to answer the legal question and directed a fresh consideration by the Tribunal. (Case citation: 2002 (11) TMI 38 - MADRAS High Court)