https://www.taxtmi.com/caselaws?id=66584 For wealth-tax purposes, legal ownership continued to vest in the assessee because the house property had not been conveyed by a registered instrument, despite an agreement to sell, delivery of possession, and receipt of full consideration. The property therefore remained includible in the assessee's wealth. However, where the transfer was complete in substance and the agreed consideration had been received, the property was not to be valued above that consideration, and the corresponding amount received was treated as an offsetting liability. The property was taken at Rs. 8 lakhs with an equal deduction, resulting in no net addition to wealth and deletion of the wealth-tax addition. en-us Thu, 25 Nov 1999 00:00:00 +0530 Fri, 04 Mar 2011 18:13:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66584 For wealth-tax purposes, legal ownership continued to vest in the assessee because the house property had not been conveyed by a registered instrument, despite an agreement to sell, delivery of possession, and receipt of full consideration. The property therefore remained includible in the assessee's wealth. However, where the transfer was complete in substance and the agreed consideration had been received, the property was not to be valued above that consideration, and the corresponding amount received was treated as an offsetting liability. The property was taken at Rs. 8 lakhs with an equal deduction, resulting in no net addition to wealth and deletion of the wealth-tax addition. Case-Laws Wealth-tax Thu, 25 Nov 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66584