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It was held that the right of the sons of the wakf to receive a share of the rents and profits of the wakf property was property or an interest in property and as it was not limited in enjoyment to a period of six years it fell within the definition of the term "assets" as defined by s. 2(e) of the Act. The contention of the appellants that the right of the beneficiaries under the deed of wakf was a mere right to an annuity as mentioned in s. 2(e)(iv) and was, therefore, not an asset assessable to wealth tax was rejected. The third argument which had been raised before the Tribunal that the allowances under assessment were payable to the beneficiaries by way of maintenance were not transferable under s. 6(dd) of the Transfer of Property Act and therefore they had no market value, for inclusion in the net wealth was also refuted. It was pointed out that the right to maintenance was not one of the assets mentioned in s. 5 which alone entitled an assessee to claim exemption in respect of certain assets. The Tribunal did not find it possible to hold on the facts of the case that the amounts in dispute were receivable by the beneficiaries as maintenance under the terms of the wakf. As regards the quantum of valuation a direction was made that the value of the assessee's life interest may be capitalised on the basis of the valuation table set out in Park's Principles and Practice of Valuations taking the rent security at 6%.