https://www.taxtmi.com/caselaws?id=192725 Property vested in the Official Assignee on adjudication in insolvency under the Presidency Towns Insolvency Act remained assessable to income-tax in his hands as owner under section 9 of the Indian Income-tax Act, 1922. The Court held that statutory vesting carried ownership for tax purposes, so the annual value of house property continued to be taxable even after the property passed from the insolvent to the Official Assignee. It declined to confine "owner" to a beneficial owner. Once liability was established under section 9, the question under section 41 did not arise. The assessment was therefore upheld. en-us Thu, 28 Jan 1937 00:00:00 +0530 Thu, 30 Nov 2017 10:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192725 Property vested in the Official Assignee on adjudication in insolvency under the Presidency Towns Insolvency Act remained assessable to income-tax in his hands as owner under section 9 of the Indian Income-tax Act, 1922. The Court held that statutory vesting carried ownership for tax purposes, so the annual value of house property continued to be taxable even after the property passed from the insolvent to the Official Assignee. It declined to confine "owner" to a beneficial owner. Once liability was established under section 9, the question under section 41 did not arise. The assessment was therefore upheld. Case-Laws Income Tax Thu, 28 Jan 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192725