1982 (4) TMI 175

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e for asst. yrs. 1974-75, 1975-76 and 1976-77. 2. The assessee is an individual who has a life interest in the property at No. 22, Sir Theagaraja Road, Madras-17. She claimed allowance u/s 5(1)(iv) in respect of this property. The claim was disallowed on the ground that life interest is movable property and that such a limited owner cannot be equated with the full owner who alone, according to ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ee to benefit of the relief u/s 5(1) (iv) of WT Act. It pointed out as under: "The component rights to constitute ownership in property are possession, enjoyment and disposition. The appellant holding a life estate in the property has full powers of possession and enjoyment with a limited right of disposition. An estate for life is defined to be a free-hold interest in lands, the duration of wh....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... has two meaning,-(1) ownership : (2) the Absolute Right of user : 'A' Road may be said, with perfect property, to belong to a man who has the right to use it as of Right, although the soil does not belong to him." The Supreme Court in the case of Rajah Mohammed Ahmad Khan vs. Municipal Board of Sitapur and Anr. AIR 1965 SC 1923 has pointed out: "Though the word 'belonging' no doubt was capa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....as "belonging to", the legislative intent is clear that the words "belonging to" in s. 5(A) (iv) was not used to connote absolute title or ownership but used in order to signify the lesser interest like life estate. In the present case, the appellant had a life interest in the property. She has the legal right of possession and employment of the property for her life time. Her powers of dispositio....