COMMISSIONER OF WEALTH-TAX, MADRAS vs SMT. MUTHUKRISHNA AMMAL

The Supreme Court held that under Section 2(e)(v) of the Wealth-tax Act, an interest in property that is terminable by notice and available for a period not exceeding six years from the valuation date does not qualify as an 'asset' for wealth computation. The Court dismissed the appeal, affirming that the lessee's interest in the salt pans was precarious and could not be included in the net wealth of the assessee for the financial year relevant to the valuation date. The amendment made by the Wealth-tax (Amendment) Act, 1964, did not alter the interpretation of the original clause regarding asset definition.