1987 (6) TMI 102

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....see against the consolidated order dated 6-1-1987 of the AAC of Wealth-tax relating to inter alia the A.Ys. 1983-84 and 1984-85. 2. The assessee along with other three co-sharers was the owner of an agricultural land situate in village Sirpur, District Indore. All the four co-owners sold the said land for a cash consideration of Rs. 1,85,000 to Shri Hari Grah Nirman Sahkari Sanstha by an unregi....

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....he event of failure of title of the purchaser. Thus, according to him, it was a debt refundable to the purchaser till a valid title is transferred by a registered sale deed and it cannot be taken as a wealth of the assessee, and if it is included in the wealth of the assessee, it is to be deducted as a liability. It is pertinent to notice at this stage that the said land being agricultural is exem....

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.... could not be registered for the proceedings under the Urban Ceiling Act was pending. Thus, in substance, contention of the learned Departmental Representative is that the exempted asset in the shape of agricultural land was unconditionally converted by the assessee in the shape of cash which cannot be treated as liability of the assessee. 5. We find much substance in the contention of the lear....

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....discovered to be void subsequently nor is it a case of contract becoming void due to a subsequent happening and, therefore, there is no application of section 65 of the Contract Act obliging the assessee to refund the consideration to the purchaser - vide Kuju Collieries Ltd. v. Jharkhand Mines Ltd. AIR 1974 SC 1892, 1894. Thus, the assessee is full owner of Rs. 46,250 without any liability. Even ....