1986 (7) TMI 169

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....n the identical facts and circumstances of the case is raised before us in these appeals by the revenue and additionally since we have been addressed in one set by the learned departmental representative (the assessee being not represented despite service of valid notices for the date of hearing in all the cases); all these appeals are being disposed of by this common order. 2. The revenue's gr....

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....d that, 'though the word belonging no doubt is capable of denoting an absolute title, it is nevertheless not confined to connoting that sense. Even possession of an interest less than that of full ownership could be signified by that word.' Again their Lordships of the Hon'ble Supreme Court in CWT v. Bishwanath Chatterjee [1976] 103 ITR 536 observed as under : "The expression 'belong' has be....

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....xecuted in favour of the assessees, the asset has to be included as net wealth in the hands of the assessees, in fact it has since been included as that, hence, it has to be held, in the face of this fact that the asset belongs to the assessees and as a natural corollary thereto, exemption under section 5(1)(iv) is to be allowed. Yet further, the Hon'ble Delhi High Court in the case of Sushil Ansa....

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....y, the interpretation before their Lordships rested on the words 'owner of house property' vis-a-vis sections 22 to 26 of the Income-tax Act, 1961. Their Lordships were not seized with the interpretation of the word 'belonging' as is the case before us, but in our opinion the said decision of the Hon'ble High Court supports the view we have taken above, since the Hon'ble High Court held the income....