https://www.taxtmi.com/caselaws?id=70436 The Tribunal held that the assessee's properties held in the names of minor children were benami and could not be included in his net wealth. It determined that the Benami Transactions Act extinguished the assessee's rights as the real owner, preventing him from transferring or recovering the properties. The Tribunal rejected the revenue's arguments regarding the inclusion of these assets under the Wealth-tax Act, emphasizing the impact of the Benami Transactions Act. Consequently, the Tribunal directed the Wealth-tax Officer to exclude the properties, leading to a favorable outcome for the assessee in the appeals for the assessment years 1986-87 and 1987-88. en-us Fri, 16 Jul 1993 00:00:00 +0530 Wed, 25 Dec 2019 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70436 The Tribunal held that the assessee's properties held in the names of minor children were benami and could not be included in his net wealth. It determined that the Benami Transactions Act extinguished the assessee's rights as the real owner, preventing him from transferring or recovering the properties. The Tribunal rejected the revenue's arguments regarding the inclusion of these assets under the Wealth-tax Act, emphasizing the impact of the Benami Transactions Act. Consequently, the Tribunal directed the Wealth-tax Officer to exclude the properties, leading to a favorable outcome for the assessee in the appeals for the assessment years 1986-87 and 1987-88. Case-Laws Benami Property Fri, 16 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70436