Law:

Section:

(a) Wealth Tax Act (XV of 1963)--- ----S.2(16)---Net wealth ---expression belonging"---Connotation--­"Belonging" includes the concept of "ownership" (b) Wealth Tax Act (XV of 1963)--- ----S.2(16)---"Net wealth"---Possession of property---Inclusion of such property in net wealth --Mere possession or joint possession unaccompanied Day right to be in possession err ownership of property was mot enough to bring such property within the definition of "Net wealth" (c) Wealth Tax Act (XV of 1963)--- ---Ss.2(m) & 2(16)---Registration Act (XVI of 1908). S.49---Net wealth-­Assessment years 1994-95 to 1996-97 --Plot was allotted and transferred by the Development Authority through the Federal government Employees Housing Foundation to the assessee---Value of the plot was declared equivalent to the price: paid by the assessee---Assessing Officer adopted market value of the plot after considering the prices of the plots fetched by other allottees who sold their plots in open market ---Assessee contended that plot was allotted on the basis of an agreement dated 27-2-1994 for construction of a house thereon and according to the agreement, the right of ownership and user in and over the plot still vested in the Capital Development Authority and thus, the assessee could neither be said to hold the plot in his name nor he had any title or right in it as no sale-deed was executed by the Authority in favour of the assessee, Assessing Officer, thus, had erroneously found that right of ownership or the plot was total and complete whereas finding was in direct conflict with the agreement executed between the assessee and the Authority---Validity---Provisions of Registration Act. 1908 required that the sale of immovable property must be through registered document Section 49, Registration Act, 1908 stipulated that unless such document was registered the right. title or interest of the sell to the property was not extinguished nor that of purchaser created--­Requirement of law had to be fulfilled to lend legality to such transfer --­Assessee, therefore, was not the legal owner of the plot in question as the title therein was not transferred to the assessee and the same could not be…

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