1987 (1) TMI 161 - AT - Wealth-tax

Summary

The appeal was filed by the Revenue and cross objections by the assessee HUF/Citizen of India regarding the deduction under section 5(1)(iv) for a commercial flat not registered in the name of the assessee. The Tribunal agreed with the assessee that the property did not belong to them as per a Supreme Court decision, so fair market value should not be included in the net wealth. The appeals and cross objections both succeeded, with the consideration paid for the flat to be taken as net wealth for both years.