TaxTMI 
TaxTMI 
1998 (3) TMI 110
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.... is an individual. The valuation date for the assessment year 1976-77 was March 31, 1976. The assessee filed his return on June 23, 1976, declaring the net wealth has Rs. 42,090. In the earlier assessment years, the assessee paid a Mehr amount of Rs. 1,20,000 to his wife with which she purchased house properties in Kachiguda and Khairatabad. The value of those properties was estimated at Rs. four ....
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.... of the very assessee where it was held that the properties acquired by the assessee's wife from out of Rs. 1,20,000 paid towards Mehr by the assessee cannot be included under section 4(1)(a)(i) of the Wealth-tax Act. Holding as above, the appeal was allowed. At the instance of the Revenue, the following questions were referred : "1. Whether, on the facts and in the circumstances of the case, the....
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....f marriage or after marriage. Under section 4(1)(a) of the Wealth-tax Act : In computing the net wealth (a) of an individual, there shall be included, as belonging to that individual, the value of assets which on the valuation date are held : (i) by the spouse of such individual to whom such assets have been transferred by the individual, directly or indirectly otherwise than for adequate conside....