1986 (12) TMI 82

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....the AAC erred in directing the WTO to allow exemption under s. 5(1)(iv) in respect of commercial flats." 2. We have heard the ld. departmental representative and the ld. counsel for the assessee. The dispute relates to certain commercial flats which the WTO included in the assessee's net wealth but denied exemption under s. 5(1)(iv) on the ground that the flats had not been conveyed to the asse....

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....e. The Hon'ble Supreme Court held that properties continued to belong to the Nizam and that they did not belong to the proposed vendees. On the basis of this ruling it is stated that since there is no registered sale deed in favour of the assessee, the property cannot be deemed to belong to her and, therefore, exemption under s. 5(1)(iv) cannot be allowed to her. 4. The ld. counsel for the asse....

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....s. CWT, we are of the opinion that the whole matter requires a fresh look and the WTO will have to inquire and find out if the flats do not belong to the assessee then what is that belong to the assessee and can be treated as the assessee's asset. He will have to examine the nature of the transaction by which the assessee respondent came into possession of the property and re-examine what is the p....