1986 (12) TMI 82

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..... f commercial flats." 2. We have heard the ld. departmental representative and the ld. counsel for the assessee. The dispute relates to certain commercial flats which the WTO included in the assessee's net wealth but denied exemption under s. 5(1)(iv) on the ground that the flats had not been conveyed to the assessee through a registered sale deed. On appeal, the ld. AAC, 'K' Range, New Delhi, di .....

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..... that they did not belong to the proposed vendees. On the basis of this ruling it is stated that since there is no registered sale deed in favour of the assessee, the property cannot be deemed to belong to her and, therefore, exemption under s. 5(1)(iv) cannot be allowed to her. 4. The ld. counsel for the assessee on the other hand contended that having treated the flats as to belong to the asse .....

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..... ll have to inquire and find out if the flats do not belong to the assessee then what is that belong to the assessee and can be treated as the assessee's asset. He will have to examine the nature of the transaction by which the assessee respondent came into possession of the property and re-examine what is the property or asset to be included in the wealth of the assessee and whether any exemption .....

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