1995 (6) TMI 8 - HC - Wealth-tax

Summary

The High Court of Andhra Pradesh ruled that under section 27(1) of the Wealth Tax Act, an assessee can claim exemption under section 5(1)(iv) for a property even without a registered document if they are the beneficial owner. The court held in favor of the assessee, stating that possession of the property and full payment suffice for exemption.