https://www.taxtmi.com/caselaws?id=60089 For wealth-tax purposes, legal ownership of the Queen's Park property did not pass to the assessee-company because no registered sale deed had been executed, so the property could not be assessed in its hands for the earlier years. For the later year, the applicable special regime for a closely held company under section 40 of the Finance Act, 1983 was treated as the governing code, and beneficial ownership or part-performance concepts under section 53A of the Transfer of Property Act were not imported into that computation. On that basis, the property was excluded from the assessee's net wealth for all years in dispute. en-us Mon, 25 Mar 1996 00:00:00 +0530 Mon, 03 Jan 2011 16:31:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60089 For wealth-tax purposes, legal ownership of the Queen's Park property did not pass to the assessee-company because no registered sale deed had been executed, so the property could not be assessed in its hands for the earlier years. For the later year, the applicable special regime for a closely held company under section 40 of the Finance Act, 1983 was treated as the governing code, and beneficial ownership or part-performance concepts under section 53A of the Transfer of Property Act were not imported into that computation. On that basis, the property was excluded from the assessee's net wealth for all years in dispute. Case-Laws Wealth-tax Mon, 25 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60089