https://www.taxtmi.com/caselaws?id=19280 Wealth-tax liability depended on whether the property belonged to the assessee on the valuation date. In the absence of a registered sale deed or executed conveyance, ownership did not pass merely because the assessee was in possession, had paid consideration in advance, or enjoyed income from the cinema building. On that basis, the building continued to belong to the transferor and could not be included in the assessee's net wealth. The deletion of the assessee's share in the cinema building was therefore upheld, and the issue was decided in favour of the assessee and against the Revenue. en-us Thu, 21 Jul 1994 00:00:00 +0530 Thu, 05 Nov 2009 11:49:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19280 Wealth-tax liability depended on whether the property belonged to the assessee on the valuation date. In the absence of a registered sale deed or executed conveyance, ownership did not pass merely because the assessee was in possession, had paid consideration in advance, or enjoyed income from the cinema building. On that basis, the building continued to belong to the transferor and could not be included in the assessee's net wealth. The deletion of the assessee's share in the cinema building was therefore upheld, and the issue was decided in favour of the assessee and against the Revenue. Case-Laws Wealth-tax Thu, 21 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19280