Interest in leasehold property includible in net wealth of assessee if he exercises power of owner on it

Brief of the case:

• The Hon’ble Bombay High Court in the case of Jaya Hind Sciaky Limited held that the words “belonging to” as used in sec 40(2) of the Act would include assets in possession of the Company without full Ownership, but sufficient domain over it, to exercise the powers which would otherwise normally vest in the owner on the valuation date.
• Further, it was held that a lease giving right to assessee to use the premises during lease period subject to complying with the terms & conditions as set out in the lease agreement. It create a sufficient interest of the assessee in the leasehold property to hold that the assets held by the assessee belongs to it.

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