https://www.taxtmi.com/caselaws?id=12591 The Court held that the valuation of property for wealth tax purposes without a registered deed of conveyance should consider the legal title retained by the assessee. While the Revenue argued for 100% valuation of the property, the Court upheld the assessee's approach of valuing only 1% of the sale proceeds as representing the legal interest. The decision emphasized that once interests in purchasers are established, the value of the legal interest diminishes. The judgment clarified that both legal and beneficial interests should be considered in wealth tax returns, supporting a nuanced interpretation of property valuation in such cases. en-us Wed, 20 Mar 2002 00:00:00 +0530 Wed, 20 May 2009 13:24:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12591 The Court held that the valuation of property for wealth tax purposes without a registered deed of conveyance should consider the legal title retained by the assessee. While the Revenue argued for 100% valuation of the property, the Court upheld the assessee's approach of valuing only 1% of the sale proceeds as representing the legal interest. The decision emphasized that once interests in purchasers are established, the value of the legal interest diminishes. The judgment clarified that both legal and beneficial interests should be considered in wealth tax returns, supporting a nuanced interpretation of property valuation in such cases. Case-Laws Income Tax Wed, 20 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12591