2005 (8) TMI 48

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.... received during the assessment year in question?" The assessment years are 1975-76 to 1981-82 and the relevant valuation dates are March 31, 1975 to March 31, 1981, respectively. The assessee, an individual, was owner of a certain immovable property which was thrown in the common hotchpot of a Hindu undivided family by a declaration dated August 7, 1970. A partial partition of the property took place on August 18, 1970, as a result of which the assessee was allotted 1/9th share of that property. In relation to the said property land acquisition proceedings were taken and on October 3, 1970, the assessee wrote to the authority to pay 1/9th share of the compensation to each one of the 9 members of the Hindu undivided family. Accordingly, sh....

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....longed to the assessee in the absence of any valid throwing in the hotchpot of the Hindu undivided family in the absence of actual transfer there being no conveyance. Lastly, it was submitted that for the assessment years 1971-72 to 1974-75 the asset had been charged to wealth-tax, in an identical manner and, hence, the order made by the Wealth-tax Officer was correct as the assessee had accepted the wealth-tax assessments for earlier years. Though served, there is no appearance on behalf of the respondent-assessee. The Tribunal has held that for the assessment years under consideration there was no right to compensation because such right to receive compensation had been transferred into money itself. Therefore, there was no question of ....

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....the aggregate value of all the assets, wherever located, belonging to the assessee on the valuation date, exceeds the aggregate value of all the debts owed by the assessee on the valuation date. For the present it is not necessary to refer to the other part of the definition. Therefore, what is material is that an asset must belong to an assessee on the valuation date for the purposes of being included in the net wealth for being subjected to the charge of wealth-tax. In the present case, admittedly, the Tribunal has found, as a matter of fact, that the compensation money amounting to 8/9ths share has not been received by the assessee. The assessee is not even in possession of the said amount on the valuation date. Once this is the position....