1991 (1) TMI 19

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....1978-79. Shortly stated, the facts are that, in pursuance of an agreement, the assessee purchased a flat at Calcutta from Messrs. Chitralekha Housing Corporation and, on payment of a total consideration of Rs. 99,294, she obtained possession of the said flat in February, 1975. No deed of conveyance was drawn up. The Wealth-tax Officer, therefore, recorded finding that the assessee did not acquire....

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....cision of this court in the case of Madgul Udyog v. CIT [1990] 184 ITR 484. In our view, if the property does not belong to the assessee, the Wealth-tax Officer could not have included the value of such property in the net wealth of the assessee. The Wealth-tax Officer can only include such property or asset as belongs to the assessee. If the flat in question belongs to the assessee as an asset f....