https://www.taxtmi.com/caselaws?id=65169 The Tribunal ruled that the advance made for the purchase of a commercial flat did not constitute an asset under the Wealth Tax Act until possession was granted. The Tribunal emphasized that ownership is not established solely by possession without a conveyance deed, supporting this view with recent judicial precedents. The Revenue's appeals were dismissed, affirming that the advance payment could not be considered an asset for wealth tax purposes without possession. en-us Mon, 23 Nov 1987 00:00:00 +0530 Mon, 14 Feb 2011 10:25:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65169 The Tribunal ruled that the advance made for the purchase of a commercial flat did not constitute an asset under the Wealth Tax Act until possession was granted. The Tribunal emphasized that ownership is not established solely by possession without a conveyance deed, supporting this view with recent judicial precedents. The Revenue's appeals were dismissed, affirming that the advance payment could not be considered an asset for wealth tax purposes without possession. Case-Laws Wealth-tax Mon, 23 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65169