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TMI Blog1989 (8) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... 75. The relevant facts of this case are as follows : "The assessee had entered into an agreement in writing to execute lease deed for a period of 65 years in respect of the ground floor of 26, P. K. Tagore Street, Calcutta. No registered deed, however, was executed for this purpose. The assessee, after taking the above property on lease, had let it out to others and was deriving income from it. The Wealth-tax Officer held that this was a long-term lease and, therefore, its value had to be included in the hands of the assessee. He also found that the property was giving an income of Rs. 13,000 to the assessee and he valued the property by adopting a multiple of 18.1818 and determined the value at Rs. 2,72,727. The assessee carried the mat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lease. In the absence of any valid lease agreement, the arrangement could at best be considered to be a month to month tenancy. This can be terminated at any time in accordance with law. No value would, therefore, attach to the rights of a monthly tenancy. We, therefore, hold that the inclusion of the value of the lease property was not valid and we, therefore, direct this value to be excluded for both the years. As we are excluding the value of the property as such, there is no question of entering into the question of valuation of the above property." Admittedly, in the instant case, there was an agreement for entering into a deed of lease for 65 years in respect of the premises in question but no formal deed of lease was executed and re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ." So, if the provisions, of section 53A are invoked, in that event, the transferor had no right to eject the transferee by virtue of the protection given by the aforesaid provisions. In this particular case, after taking possession pursuant to the agreement in question, the assessee had sublet the property and was deriving income from the lease property. This aspect of the matter as to whether, in the facts and in the circumstances of this case, the assessee had a right to the property in view of section 53A and whether the property in the hands of the assessee could be regarded as an asset within the meaning and in the light of the provisions of section 53A or not, has not been considered by the Tribunal. In our view, the Tribunal has f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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