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TMI Blog2006 (8) TMI 161X X X X Extracts X X X X X X X X Extracts X X X X ..... anasi, belonged to the assessee? 2. Whether, in the absence of execution of document, and its registration by the co-operative society, in favour of the assessee, the Income-tax Appellate Tribunal was justified in assessing the value of the said assets in the hands of the assessee when his beneficial interest therein passed to his wife?" whereas in W.T.R. No. 206 of 1991 which relates to the assessment year 1980-81, the Tribunal has referred the following question under section 27(1) of the Act: "Whether, on the facts and circumstances of the case, the Tribunal is legally justified in holding the applicant as the owner of the property, 64, Lajpat Nagar, Varanasi, in the year under consideration?" and in W.T.R. No. 31 of 1992, which rela ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9, from Smt. Vimlawati Tandon towards the investment made and in getting the allotment of the land and the construction of the house by way of reimbursement/compensation. The society has executed a registered sale deed in respect of the plot in question in favour of Smt. Vimlawati Tandon on April 7, 1983. In the return filed under the Act for the assessment years 1980-81, 1981-82 and 1982-83 the applicant did not include the value of house property No. 64, Lajpat Nagar, Varanasi. However, the assessing authority included the value of the said property by framing assessment under the Act. The order of the Wealth-tax Officer has been confirmed by the Commissioner of Wealth-tax (Appeals) as also the Tribunal except for the assessment year 1982 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upon the following decisions in support of his submissions: (1) CIT v. Podar Cement P. Ltd. [1997] 226 ITR 625 (SC) ; and (2) Nawab Mir Barkat Ali Khan v. CWT [1997] 226 ITR 654 (AP) [FB]. Sri R.K. Upadhyay, on the other hand, submitted that under section 2(m) of the Act, the assessee, namely, Sri Ram Saran Das Tandon would be treated as to be the owner of the house property, 64, Lajpat Nagar, Varanasi till such time it is transferred by way of registered sale deed and the said property would continue to belong to him irrespective of the fact that in the list of members of the society his name has been deleted and in his place the name of his wife has been entered. He placed reliance on a decision of the apex court in the case of Nawab S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ety towards the cost of such building or part and the land appurtenant thereto shall, whether the amount so payable is described as such or in any other manner in such scheme, be deducted as a debt owed by him in relation to such building or part." It has been specifically provided that where the assessee is a member of a co-operative housing society and a building or a part thereof is allotted or leased to him under a house building scheme of the society, then he shall be deemed to be the owner of the said building or part and the value of such building or part shall be included in computing the net wealth of the assessee. Admittedly in the present case, we find that Sri Ram Saran Das Tandon ceased to be the member of the society in the y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the fold of 'belonging to' under section 2(m) of the Act and it is for that purpose that section 4 of the Act specifically provides that the properties held by persons enumerated in clause (a) of sub-section (1) under such inchoate transfer shall be included as belonging to that individual. Therefore, it follows that in the case of a transfer as defined in the Explanation to section 4 by the individual, the property cannot be said to belong to the individual unless it is within the clutches of section 4 of the Act, notwithstanding the fact that the transfer had not been effected as contemplated under section 54 of the Transfer of Property Act or under the Registration Act." It has also considered the decision of the apex court in the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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