TMI Blog1995 (6) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... e following question is referred for our opinion at the instance of the Revenue : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee is entitled to exemption under section 5(1)(iv) in respect of the amount included in the assessee's net wealth representing the amounts paid to Nandam Construction Company in respect of a flat give ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion. On these facts, the above said question arose. The learned standing counsel for the Revenue vehemently argues that as the assessee did not have title to the flat in question and as the same was not conveyed under a registered document which is a must under section 54 of the Transfer of Property Act, the Tribunal erred in allowing the exemption prayed for. Section 5(1)(iv) of the Wealth-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... v. Raghavendra Rao [1974] 2 ITJ 287. The Division Bench held that it does not necessarily connote ownership of the property and that the right of possession falls within the ambit of that expression. Following that judgment, we hold that for purposes of section 5(1)(iv) of the Wealth-tax Act, a person who has come into possession of the property on payment of the full consideration is entitled to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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