2002 (3) TMI 20

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....as follows: "Whether, having regard to the fact that in the absence of any registered deed of conveyance in regard to the transfer of flats at 13, Camac Street, Calcutta, the Tribunal is correct in law in holding that since the sale proceeds of the flats had been accounted for as the wealth of the assessee it is only the legal interest on the said property to be calculated at one per cent. of t....

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....ee on account of the continued retention of title, and not merely a token of one per cent. of the sale proceeds. In support of this proposition, section 2(m) of the Wealth-tax Act, 1957, was placed before us. The said clause reads as follows: "2. (m) 'net wealth' means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever l....

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....ccording to the Revenue, the valuation of the flat, the assessee being still the legal owner. On behalf of the assessee it was argued that though the assessee remained the legal owner yet the agreements for sale had been admittedly entered into and the full consideration received therefor. As such the valuation of one per cent. of the sale proceeds as the value of the legal title still then remain....

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....e legal interest remaining in the assessee most certainly goes down, and goes down drastically. Even in the above Supreme Court decision we find the following sentence at page 900: "Even though the assessee had a mere husk of title and as against the vendee no reality of title, as against the world he was still the legal owner and the real owner." With all due respect we say that this is the....