https://www.taxtmi.com/caselaws?id=213847 The court ruled in favor of the Revenue and against the assessee, setting aside the ITAT's decision and reinstating the Assessing Officer's order confirmed by the Commissioner (Appeals). It determined that the property, despite legal title transfer in 2003, belonged to the assessee as it was under the assessee's control and domain, generating rental income. The court emphasized that the property should be considered part of the assessee's wealth tax assets, regardless of tax treatment in preceding or succeeding years, based on a broader interpretation of 'belonging to' under the Wealth Tax Act. en-us Thu, 06 Jan 2011 00:00:00 +0530 Fri, 08 Jun 2012 07:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213847 The court ruled in favor of the Revenue and against the assessee, setting aside the ITAT's decision and reinstating the Assessing Officer's order confirmed by the Commissioner (Appeals). It determined that the property, despite legal title transfer in 2003, belonged to the assessee as it was under the assessee's control and domain, generating rental income. The court emphasized that the property should be considered part of the assessee's wealth tax assets, regardless of tax treatment in preceding or succeeding years, based on a broader interpretation of 'belonging to' under the Wealth Tax Act. Case-Laws Wealth-tax Thu, 06 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213847