https://www.taxtmi.com/caselaws?id=61075 Ancestral agricultural lands partitioned under a civil court decree and mutated in favour of the assessee's son and grandsons before the valuation date were treated as outside the assessee's net wealth, because legal and practical ownership had passed with possession. A claim that the assessee remained absolute owner under customary law was rejected for want of proof of a custom overriding Hindu law, and contrary succession rules were displaced by the Hindu Succession Act. Section 4(1)(a)(iii) of the Wealth-tax Act was also found inapplicable because the transferees were majors and the statutory conditions were not satisfied. The disputed wealth-tax addition was directed to be deleted. en-us Fri, 10 Dec 1976 00:00:00 +0530 Mon, 10 Jan 2011 17:16:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61075 Ancestral agricultural lands partitioned under a civil court decree and mutated in favour of the assessee's son and grandsons before the valuation date were treated as outside the assessee's net wealth, because legal and practical ownership had passed with possession. A claim that the assessee remained absolute owner under customary law was rejected for want of proof of a custom overriding Hindu law, and contrary succession rules were displaced by the Hindu Succession Act. Section 4(1)(a)(iii) of the Wealth-tax Act was also found inapplicable because the transferees were majors and the statutory conditions were not satisfied. The disputed wealth-tax addition was directed to be deleted. Case-Laws Income Tax Fri, 10 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61075