AHMED G.H. ARIFF & ORS. vs COMMISSIONER OF WEALTH TAX, CALCUTTA

The Supreme Court held that the right to receive a specified share of net income from a wakf-alal-aulad is assessable to wealth tax under the Wealth Tax Act, 1957, specifically Sections 2(e) and 2(m). The Court clarified that 'property' encompasses all interests a person can hold, and the definition of 'assets' is comprehensive, thus including the right to income as an asset. The Court also stated that the phrase 'if sold in the open market' does not require an actual sale but assumes a hypothetical market for valuation purposes.