1969 (7) TMI 9 - HC - Wealth-tax

Whether revocable transactions like leasehold salt lands could be regarded as assets of the lessee for computation of wealth-tax - Held no

Summary

The High Court of Orissa held that revocable leasehold salt lands are not assessable to wealth-tax. The Tribunal's decision was deemed incorrect. The judgment was made in reference to the case of Commissioner of Wealth-tax v. Srimathi Martinammal Machado. The question posed was answered in favor of the assessee. The reference was disposed of with no order as to costs.