https://www.taxtmi.com/caselaws?id=9546 The court upheld the inclusion of a car's value in the net wealth of the assessee under the Wealth-tax Act, stating that ownership transfer occurs at the time of sale, not registration. Disputes over balance payments did not affect ownership. The case involved an imported car purchase, with ownership and valuation disputes, but the court affirmed ownership based on completed sale and use by the assessee. The court directed reevaluation of the car's value for the year 1999-2000. The court found no substantial legal questions in the challenges to ownership and valuation decisions, dismissing the appeals. en-us Thu, 03 Feb 2005 00:00:00 +0530 Sat, 27 Jun 2009 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9546 The court upheld the inclusion of a car's value in the net wealth of the assessee under the Wealth-tax Act, stating that ownership transfer occurs at the time of sale, not registration. Disputes over balance payments did not affect ownership. The case involved an imported car purchase, with ownership and valuation disputes, but the court affirmed ownership based on completed sale and use by the assessee. The court directed reevaluation of the car's value for the year 1999-2000. The court found no substantial legal questions in the challenges to ownership and valuation decisions, dismissing the appeals. Case-Laws Wealth-tax Thu, 03 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9546