1991 (1) TMI 19

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..... cts are that, in pursuance of an agreement, the assessee purchased a flat at Calcutta from Messrs. Chitralekha Housing Corporation and, on payment of a total consideration of Rs. 99,294, she obtained possession of the said flat in February, 1975. No deed of conveyance was drawn up. The Wealth-tax Officer, therefore, recorded finding that the assessee did not acquire any title to the said flat. He, .....

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..... e case of Madgul Udyog v. CIT [1990] 184 ITR 484. In our view, if the property does not belong to the assessee, the Wealth-tax Officer could not have included the value of such property in the net wealth of the assessee. The Wealth-tax Officer can only include such property or asset as belongs to the assessee. If the flat in question belongs to the assessee as an asset for the purpose of assessm .....

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