9911796707
TMI Blog2008 (1) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... The appellant has pressed this appeal on the following question. "Whether a flat in a tenant co-operative housing society which is transferred to the name of an assessee on 17 th April, 1993 and which comes to the legal ownership of the assessee only on that date, can be said to be "belonging" to the assessee as on the valuation date of 31 st March, 1993 so as to be liable to wealth tax for the assessment year 1993-94? 4. A few jurisdictional facts. There is no dispute that the society had granted no objection to the previous member to sell the property before 1.4.1993. There is also no dispute that there was an agreement to sell between the appellant and the previous owner and full consideration had been paid before 1.4.1993. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uilding or part thereof is allotted or leased to them. If these two conditions are satisfied then notwithstanding anything contained in the Act or any other law for the time being in force, such assessee would be deemed to be the owner of such building or part thereof and the valuation of such or part shall be included in computing the net wealth of the assessee. 6. The learned counsel for the appellant seeks to rely on the rules framed under the Maharashtra Co-operative Societies Rules, 1961 and placed emphasis on Rule 24 which reads as under. 24. Procedure for transfer of shares :-(1) No transfer of shares shall be effective unless :- (a) it is made in accordance with the provisions of the bye-laws; (b) a clear fifteen days ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f a building or part of a building. Allotment to that extent does not require transfer of shares of the society. Section 4(7) of the Wealth Tax Act which is a central legislation has not incorporated by reference or otherwise the definition of the State Act, or the rules made thereunder for the purpose of reading the provisions of the Wealth Tax Act. That would not be possible considering that each State will have its own laws. What therefore, must be considered are the provisions and the requirements as contained in the Wealth Tax Act. The Act requires only two requirements firstly that the assessee must be a member and secondly the assessee shall be allotted a building or part of the building. In the instant case, as noticed by us, both ..... X X X X Extracts X X X X X X X X Extracts X X X X
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