TMI Blog1966 (9) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... e sale of property by the first wife. The assessee could not realise any rent from the person occupying the properties. When he wanted to evict the tenants, a suit was filed in the District Court. The assessee contested it and it was decided in assessee's favour on January 30, 1962. An appeal has been filed in the High Court by the other party. In the wealth-tax return for the valuation date of March 31, 1961, the assessee showed a sum of Rs. 25,000 as advance against the purchase of this property. The Wealth-tax Officer considered that the value of the property should be taken at its fair market value and that what had been shown in the wealth-tax return was below the market value. He referred to the locality in which the property was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned and almost rendered nugatory by the dispute as to the title which was sub judice and that the inescapable fact was that the property was in possession of the objecting party. He considered that the amount of Rs. 25,000 was to be treated as an advance and the value of the building should be restricted to that figure. A copy of the Appellate Assistant Commissioner's order is annexure " B " and forms part of the case. The department appealed to the Appellate Tribunal. The Tribunal held : " 14. We are of opinion that despite the dispute, the assessments are in order, except to the extent to be indicated below. The assessee has purchased the property under a registered sale deed. It is seen that the property stands in his name in the mun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 27(1) of the Wealth-tax Act, to be hereinafter referred to as the " Act ". The question of law referred for our opinion is : " Whether, on the facts and in the circumstances of the case, the inclusion of the property as such at its fair market value was justified ? " The facts of the case are fully set out in the statement of case. The only question is whether the Wealth-tax Officer was justified in taking into consideration the market value of the house at Malleswaram belonging to the assessee. The assessee claims that that house belongs to him. The Wealth-tax Officer agrees with him. If that house belongs to the assessee as claimed by him, then its market value will have to be taken into consideration in computing the net wealth of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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