https://www.taxtmi.com/caselaws?id=33689 For wealth-tax purposes, a factory building was held not to belong to the assessee-company on the valuation date where possession had been delivered and consideration received, even though a registered sale deed had not yet been executed. The amended wealth-tax provision treating assets "belonging to" a company was read as declaratory and clarificatory, so legal ownership was not confined to absolute title. Applying the principle that a vendee in possession with payment made may be treated as owner for the relevant purpose, the asset was excluded from the company's net wealth and the impugned addition was unsustainable. en-us Thu, 02 Aug 2007 00:00:00 +0530 Thu, 04 Jun 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33689 For wealth-tax purposes, a factory building was held not to belong to the assessee-company on the valuation date where possession had been delivered and consideration received, even though a registered sale deed had not yet been executed. The amended wealth-tax provision treating assets "belonging to" a company was read as declaratory and clarificatory, so legal ownership was not confined to absolute title. Applying the principle that a vendee in possession with payment made may be treated as owner for the relevant purpose, the asset was excluded from the company's net wealth and the impugned addition was unsustainable. Case-Laws Wealth-tax Thu, 02 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33689