TaxTMI 
TaxTMI 
Deemed Ownership - (Section 27)
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.... be deemed to be the owner of transferred property. However, transferor will not be deemed to be the owner if the property is transferred to a minor married daughter. However, If individual transfers cash to his/her spouse or minor child and the transferee acquires a house property out of such cash, the transferor shall not be treated as deemed owner of the house property, such transaction will however attract clubbing provisions. * HOLDER OF AN IMPARTABLE ESTATE: Holder of a importable estate shall be deemed to be the individual owner of all properties comprised in the estate. * MEMBER OF A CO-OPERATIVE SOCIETY: A member of a housing co-operative society, company or other AOPs to whom a building or part thereof is allotted or le....
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....ng ownership of impugned goods is an important factor to impute tax liability. Someone having mere possession and without legal ownership or title over the goods, will not be covered within the ambit of Section 69A. An assessee may nevertheless be also regarded as deemed owner if possession is imputed on the assessee and no other person having a better claim is contesting the assessee's claim. In the present case, the assessee was certainly not the owner of the bitumen - but was the carrier who was supplying goods from the consignor- oil marketing companies to the consignee- Road Construction Department. Notably, due to short delivery of goods, the possession of the assessee was unlawful. The inevitable conclusion t....
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....a right to enjoy and do with as he pleases, even to spoil or destroy it, as far as the law permits, unless he be prevented by some agreement or covenant which restrains his right. The term is, however, a nomen generalissimum, and its meaning is to be gathered from the connection in which it is used, and from the subject-matter to which it is applied. The primary meaning of the word as applied to land is one who owns the fee and who has the right to dispose of the property, but the term also includes one having a possessory right to land or the person occupying or cultivating it. The term 'owner' is used to indicate a person in whom one or more interests are vested for his own benefit . . . ." In the same dictionary, the term "....