TaxTMI 
TaxTMI 
1991 (9) TMI 98
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....e second issue is whether the provisions of section 4(7) of the Act are attracted and third is the determination of the figure which has to be included in the net wealth of the assessee whether the sum of Rs. 25,230 paid to the society or the market value of the plot on the valuation date. 2. The assessee's case before the WTO was that the sum of Rs. 25,230 represented a " deposit " and hence exemption was allowable under section 5(1)(xxx). The WTO was however of the view that the provisions of section 4(7) of the same Act were applicable and the assessee was liable to be taxed on the market value of the said plot as he was the " owner ". The WTO determined the value of the plot at Rs. 1,60,000 by adopting a figure of Rs. 200 per sq. yd. f....
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.... with the assessee and the sum of Rs. 25,230 paid to the society be treated as a " deposit " or in the alternative the taxable value of the plot be included at the same figure in the net wealth. 5. The learned D.R., on the other hand, strongly supported the orders passed by the tax authorities reiterating the reasons recorded by these authorities in rejecting the assessee's claim. It was, however, highlighted that the assessee was the " owner " for all intents and purposes and the provisions of section 4(7) were squarely applicable. The learned DR also referred to the definition of the term " assets " included in section 2(e) for the proposition that property of every description was covered and the asset that was the subject matter of pre....