https://www.taxtmi.com/caselaws?id=64694 Commercial flats were claimed to be outside the assessee's net wealth and to qualify for exemption under section 5(1)(iv) of the Wealth-tax Act, but the assessment had proceeded on the footing that she was not the owner while still including their value in net wealth. The proper tax treatment depended on first determining the true nature of the transaction, the asset, if any, actually belonging to the assessee, and whether that asset was includible under section 2(m). The plea of estoppel against the Revenue was rejected, and the matter was sent back for fresh enquiry on ownership, includibility, and exemption. en-us Tue, 23 Dec 1986 00:00:00 +0530 Wed, 09 Feb 2011 13:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64694 Commercial flats were claimed to be outside the assessee's net wealth and to qualify for exemption under section 5(1)(iv) of the Wealth-tax Act, but the assessment had proceeded on the footing that she was not the owner while still including their value in net wealth. The proper tax treatment depended on first determining the true nature of the transaction, the asset, if any, actually belonging to the assessee, and whether that asset was includible under section 2(m). The plea of estoppel against the Revenue was rejected, and the matter was sent back for fresh enquiry on ownership, includibility, and exemption. Case-Laws Wealth-tax Tue, 23 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64694