9911796707
TMI Blog1987 (1) TMI 170X X X X Extracts X X X X X X X X Extracts X X X X ..... allow deductions under s. 5(1) (iv) in respect of flat which is not registered in the name of the assessee." 2. While it is contended by the ld. Departmental Representative that since the assessee was not the registered owner of the property, there was no question of the property belonging to him and, therefore, exemption under s. 5(1)(iv) of the WT Act, 1957 ought not to have been allowed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ship could be signified by that word and consequently rejecting similar appeals filed by the Revenue by holding that deduction under 5(1)(iv) of that W.T. Act would be allowable in respect of a property for which a registered sale-deed had yet to be executed, it now appears to us that the stand that we have been erstwhile taking will need a change in view of the latest law laid down by the Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the sale deed in the event of the vendor being not willing to do so, the puachaser could not be treated as the legal owner and the vendor still continued to be vested with the legal title and that the property would still belong to the vendor in the eyes of law. In view of this pronouncement the assessee-respondent, who was still to get the property registered in its name by execution of a f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd in the interests of justice that the matter is restored to file of the WTO in order that the wealth-tax assessment in respect of the property in question in redone in accordance with the law as laid down by the Hon'ble Supreme Court. The order passed by the AAC on the point is vacated and the appeal by the Revenue is treated to have been allowed for the purposes of statistics. X X X X Extracts X X X X X X X X Extracts X X X X
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