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TMI Blog1990 (1) TMI 149X X X X Extracts X X X X X X X X Extracts X X X X ..... t wealth of the assessee. 2. The assessee is an individual. In the previous year ended 31-3-1982, corresponding to the assessment year 1982-83, the assessee transferred 27 items of jewellery of the value of Rs. 7.5 lakhs in favour of M/s. M L Investments Co. Pvt. Ltd., in terms of the letter dated 12-4-1982. It was stipulated therein that the transfer could be revoked after 74 months but withi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act and it was also not an asset within the meaning of section 2(e)(v) in the hands of the assessee and, therefore, it should be excluded from the net wealth. Reliance was placed on the decision in the case of CWT v. Smt. T. Rugmini Achi [1987] 166 ITR 711/34 Taxman 57 (Ker.). On the other hand, the revenue supported the orders of the authorities below by claiming that the interest of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en. This is because until the power is exercised the asset really belongs to the transferee. Moreover, under section 2(e)(v) any interest in property which is not available for six years is excluded from the definition of an 'asset'. Since the transferee had the right to hold the property for a period of more than six years it is the asset of the transferee during the period and consequently it ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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