9911796707
TMI Blog2008 (1) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... on that date, can be said to be "belonging" to the assessee as on the valuation date of 31st 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. There is also no dispute that the resolution was passed by the society admitting the appellant as a member before 1.4.1993. There is a further finding that the appellant themselves included the said property as their assets in their books for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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 notice in writing is given to the society indicating therein the name of the proposed transferee, his consent, his application for membership, where necessary and the value proposed to be paid by the transferee; (c) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the requirements are satisfied. Allotment being by purchaser from the previous member and the society giving its no objection to the sale and the assessee being put in possession before the relevant date by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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