https://www.taxtmi.com/caselaws?id=65170 For wealth-tax valuation, a flat held under an unregistered conveyance and carrying only possession and user rights was not to be valued as full legal ownership. The assessee's interest under section 53-A of the Transfer of Property Act was treated as limited and imperfect, with restricted marketability and uncertainty of title. In those circumstances, the property could not be treated as an unencumbered, fully marketable asset for valuation purposes. The returned valuation was accepted as reflecting the market value of the assessee's restricted interest, rather than a higher departmental valuation based on absolute ownership. en-us Tue, 08 Mar 1988 00:00:00 +0530 Mon, 14 Feb 2011 10:27:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65170 For wealth-tax valuation, a flat held under an unregistered conveyance and carrying only possession and user rights was not to be valued as full legal ownership. The assessee's interest under section 53-A of the Transfer of Property Act was treated as limited and imperfect, with restricted marketability and uncertainty of title. In those circumstances, the property could not be treated as an unencumbered, fully marketable asset for valuation purposes. The returned valuation was accepted as reflecting the market value of the assessee's restricted interest, rather than a higher departmental valuation based on absolute ownership. Case-Laws Wealth-tax Tue, 08 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65170