https://www.taxtmi.com/caselaws?id=5953 For wealth-tax purposes, immovable property continued to "belong" to the assessee where full consideration had been received but no registered conveyance had been executed, because legal title remained with the vendor notwithstanding possession protected under section 53A of the Transfer of Property Act, 1882. The property was therefore includible in net wealth. By contrast, a fixed annual right to receive payment was treated as an exempt annuity under section 2(e)(iv) of the Wealth-tax Act, 1957, because the surrounding grant and related payments showed that commutation into a lump sum was precluded. The first issue was decided against the assessee and the second in his favour. en-us Tue, 21 Oct 1986 00:00:00 +0530 Sun, 30 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5953 For wealth-tax purposes, immovable property continued to "belong" to the assessee where full consideration had been received but no registered conveyance had been executed, because legal title remained with the vendor notwithstanding possession protected under section 53A of the Transfer of Property Act, 1882. The property was therefore includible in net wealth. By contrast, a fixed annual right to receive payment was treated as an exempt annuity under section 2(e)(iv) of the Wealth-tax Act, 1957, because the surrounding grant and related payments showed that commutation into a lump sum was precluded. The first issue was decided against the assessee and the second in his favour. Case-Laws Wealth-tax Tue, 21 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5953