Home Case Index All Cases Wealth-tax Wealth-tax + HC Wealth-tax - 2007 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2007 (8) TMI 330 - HC - Wealth-taxTransfer of land and factory building to subsidiary company - appellant-company had received the full consideration for transfer - It has also handed over the physical possession of the property to the vendee - vendee has been accepted as owner of the factory building for purposes of income-tax assessment and depreciation on the cost of factory building has been granted to them - vendee will be regarded as owner of the said factory building - held that the factory building did not belong to the assessee-company as on the relevant valuation date and, therefore, the value thereof is not liable to wealth-tax in the hands of the assessee-company
|