Exemption under section 5(1)(iv) affirmed for members whose cooperative is merely lessee, subject to verification. Where a co-operative society is only a transferee-lessee and individual purchasers have paid for flats, taken possession, and received tenancy allotments so that substantive legal ownership vests in the members, the exemption under section 5(1)(iv) applies; Wealth-tax Officers must scrutinise tenant co-partnership societies to verify that the society is merely lessee and members are the real owners before allowing the exemption.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exemption under section 5(1)(iv) affirmed for members whose cooperative is merely lessee, subject to verification.
Where a co-operative society is only a transferee-lessee and individual purchasers have paid for flats, taken possession, and received tenancy allotments so that substantive legal ownership vests in the members, the exemption under section 5(1)(iv) applies; Wealth-tax Officers must scrutinise tenant co-partnership societies to verify that the society is merely lessee and members are the real owners before allowing the exemption.
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