1995 (6) TMI 8

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....SYED SHAH MOHAMMED QUADRI J.--Under section 27(1) of the Wealthtax Act, 1957, the following question is referred for our opinion at the instance of the Revenue : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee is entitled to exemption under section 5(1)(iv) in respect of the amount included in the assessee's net wealth repres....

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....al, it was held that the assessee was entitled to exemption under the said provision. On these facts, the above said question arose. The learned standing counsel for the Revenue vehemently argues that as the assessee did not have title to the flat in question and as the same was not conveyed under a registered document which is a must under section 54 of the Transfer of Property Act, the Tribun....

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....d. The expression " belonging to " fell for consideration of this court in Syed Khaza v. Raghavendra Rao [1974] 2 ITJ 287. The Division Bench held that it does not necessarily connote ownership of the property and that the right of possession falls within the ambit of that expression. Following that judgment, we hold that for purposes of section 5(1)(iv) of the Wealth-tax Act, a person who has com....