https://www.taxtmi.com/caselaws?id=62857 Immovable property is includible in net wealth only if it belongs to the assessee on the valuation date. Mere payment of consideration, delivery of possession, or a recital giving ownership an earlier date does not itself establish that title passed before execution and registration of the conveyance deed. A registered instrument affecting immovable property cannot operate before the deed comes into existence. Because both execution and registration occurred after the valuation date, the industrial plot was not owned on that date and was excluded from net wealth; the addition was deleted. en-us Mon, 12 Feb 1990 00:00:00 +0530 Sat, 22 Jan 2011 12:29:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62857 Immovable property is includible in net wealth only if it belongs to the assessee on the valuation date. Mere payment of consideration, delivery of possession, or a recital giving ownership an earlier date does not itself establish that title passed before execution and registration of the conveyance deed. A registered instrument affecting immovable property cannot operate before the deed comes into existence. Because both execution and registration occurred after the valuation date, the industrial plot was not owned on that date and was excluded from net wealth; the addition was deleted. Case-Laws Income Tax Mon, 12 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62857