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TMI Blog2009 (2) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... y for the Applicant. Mr. P. S. Sahadevan with Arun D. Nagarjun for respondents. JUDGMENT F.I. REBELLO, J. - The learned Tribunal had referred the following questions for consideration of this Court:- 1.Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the right to purchase property at a fixed sum was an asset includible in the total wealth of the assessee? 2. Whether on the facts and in the circumstances of the case, the Tribunal was right in upholding the reopening of the assessment under S.17(1)(a)? 3.Whether on the facts and in the circumstances of the case, the Tribunal was right in upholding and approving the directions of the CWT (A) in the context of qualification of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Bomanji the Trustees shall hold the aforesaid "Mt. Nepean" with permanent fixtures, fittings, fixed decorations, chandeliers, lights fans, furnitures in the basement hall and dining room statues in the gardens and the said plot No.3 upon the following trust:- a) The trustees shall offer for outright sale for Rs.8 lakhs the same to Behram Kaikhushru Dubash if he be alive and if Behram be not alive, to the son Ardeshir and if Ardeshir be also not alive then to the eldest male child of the said Bomanji Ardeshir Dubash as may then be alive." 4. On behalf of the assessee the learned Counsel submits that firstly Clause 4 itself was not operational, considering that Boman Ardeshir Dubash was alive as noted by the Tribunal on the date of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ground that it violates Article 14 and 19 including the right to the property as it then stood. The question before the Supreme Court considering the challenge under Article 19 was whether the right to property was affected. The said issue was answered in the following manner;- "The question that falls to be considered is whether the second right, namely, the right of a tenant to apply to the court for an order directing the landlord to sell the land to him for a price to be fixed by it, under S.9 of the principal Act is a right to property. The law of India does not recognize equitable estates. No authority has been cited in support of the contention that a statutory right to purchase land is, or confers, an interest or a right in proper ..... X X X X Extracts X X X X X X X X Extracts X X X X
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