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Issues: Whether the award and decree in favour of the assessee's daughters effected a valid transfer of the Raj Mohalla property so as to exclude it, wholly or partly, from the assessee's net wealth, and whether the Wealth-tax Officer's acceptance of the returned wealth could be revised as erroneous and prejudicial to the interests of revenue.
Analysis: The property was allotted under an arbitration award which created rights in immovable property exceeding the statutory value threshold. Such an award required registration under the Registration Act before it could be looked into and acted upon by the court. Since the award was unregistered, neither the award nor the decree founded upon it could validly confer title for wealth-tax purposes. The daughters were, at best, entitled to the undivided shares reflected in the award, and the assessee's return was therefore incorrect to the extent it failed to include the includible share of the property. The Commissioner was justified in holding that the original assessments were erroneous and prejudicial to the interests of revenue and in directing fresh assessments.
Conclusion: The exclusion of the Raj Mohalla property from the assessee's net wealth was not accepted, the revisionary order was sustained, and the assessee's challenge failed.
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