https://www.taxtmi.com/caselaws?id=57886 For wealth-tax purposes, an asset is includible in the assessee's net wealth on the valuation date unless transfer has been completed by registration. Executed but unregistered sale deeds for 12 flats did not divest ownership by that date, so the assessee's 1/3rd share remained taxable in net wealth for assessment year 1980-81. The retrospective effect of Section 47 of the Registration Act, 1908 could not be relied on before registration was completed, and the Maharashtra Apartment Ownership Act, 1970 did not alter that result on the facts. The claimed deduction for sale consideration received was left for factual verification and allowed only if the relevant conditions were established. en-us Tue, 20 Dec 1994 00:00:00 +0530 Wed, 15 Dec 2010 11:44:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57886 For wealth-tax purposes, an asset is includible in the assessee's net wealth on the valuation date unless transfer has been completed by registration. Executed but unregistered sale deeds for 12 flats did not divest ownership by that date, so the assessee's 1/3rd share remained taxable in net wealth for assessment year 1980-81. The retrospective effect of Section 47 of the Registration Act, 1908 could not be relied on before registration was completed, and the Maharashtra Apartment Ownership Act, 1970 did not alter that result on the facts. The claimed deduction for sale consideration received was left for factual verification and allowed only if the relevant conditions were established. Case-Laws Wealth-tax Tue, 20 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57886