https://www.taxtmi.com/caselaws?id=69922 The Tribunal held that for wealth tax assessment, only assets belonging to the assessee on the valuation date should be considered. Even if the firm was deemed sham, it did not automatically attribute all firm assets to the assessee. Referring to a Supreme Court case, the Tribunal emphasized that possession alone does not make property part of net wealth if legal title is not held by the assessee. Since the sale proceeds were with the firm and not the assessee, the investments made by the firm could not be considered as belonging to the assessee. The Tribunal allowed the appeal in favor of the assessee, directing assessment of her interest in the firm at the originally declared value. en-us Mon, 24 Dec 1990 00:00:00 +0530 Tue, 12 Apr 2011 18:07:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69922 The Tribunal held that for wealth tax assessment, only assets belonging to the assessee on the valuation date should be considered. Even if the firm was deemed sham, it did not automatically attribute all firm assets to the assessee. Referring to a Supreme Court case, the Tribunal emphasized that possession alone does not make property part of net wealth if legal title is not held by the assessee. Since the sale proceeds were with the firm and not the assessee, the investments made by the firm could not be considered as belonging to the assessee. The Tribunal allowed the appeal in favor of the assessee, directing assessment of her interest in the firm at the originally declared value. Case-Laws Wealth-tax Mon, 24 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69922