COMMISSIONER OF WEALTH TAX Vs. SATYABHAMA GANERIWALLA

JUDGEMENT

(1.) This is a reference under Section 27(1) of the Wealth-tax Act, 1957, for the assessment year 1978-79.

(2.) Shortly stated, the facts 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 a finding that the assessee did not acquire any title to the said flat. He, therefore, declined to allow exemption under Clause (iv) of Section 5(1) of the Act.

(3.) On appeal, the Appellate Assistant Commissioner of Wealth-tax allowed the exemption.