https://www.taxtmi.com/caselaws?id=60413 For wealth-tax purposes, an immovable flat is includible in net wealth only when legal ownership has passed to the assessee. Payment of consideration and delivery of possession, without execution and registration of a sale deed, create no taxable ownership interest. On that footing, exclusion of the flat from the assessee's net wealth was correct, and the Commissioner could not validly invoke revision on the ground that the Wealth-tax Officer had erred. Mere possession or an inchoate right does not satisfy the ownership requirement under the Wealth-tax Act. en-us Fri, 28 Sep 1984 00:00:00 +0530 Wed, 05 Jan 2011 12:10:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60413 For wealth-tax purposes, an immovable flat is includible in net wealth only when legal ownership has passed to the assessee. Payment of consideration and delivery of possession, without execution and registration of a sale deed, create no taxable ownership interest. On that footing, exclusion of the flat from the assessee's net wealth was correct, and the Commissioner could not validly invoke revision on the ground that the Wealth-tax Officer had erred. Mere possession or an inchoate right does not satisfy the ownership requirement under the Wealth-tax Act. Case-Laws Wealth-tax Fri, 28 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60413