F.S. GANDHI (DEAD) BY LRS. vs COMMISSIONER OF WEALTH TAX, ALLAHABAD

The Supreme Court held that properties for which leases had expired in 1958 and 1963 were not assets under Section 2(e)(2)(iii) of the Wealth Tax Act, 1957, and thus their valuation was not liable to be included in the net wealth of the assessee. The Court clarified that the term 'available' in the statute must be interpreted in context, indicating that the interest in the properties did not extend beyond the six-year limit specified. Consequently, the Tribunal's decision was overturned, and the appeal was allowed.