Case Law Details
CIT Vs Vasavi Pratap Chand (Delhi High Court)
As far as the question framed in the Revenue’s appeals, there may be no quarrel with the proposition that the figure indicated in the wealth tax return filed by the Assessee cannot possibly be taken to be the basis for determining capital gains.
At this juncture, it is necessary to refer to the decision of this in Siddharth Pratap Chand v. CWT (2014) 360 ITR 30 (Del). In the said decision, reference was made under Section 27 (3) of the WTA. Of the three questions framed, two read as under:
“a) Whether the Tribunal did not err in law in not accepting the claim of the assessee that 1/3rd share in the property No.6, Aurangzeb Road continuing to be in self occupation of the assessee, even after the collaboration agreement dated 2.5.84 with M/s Ansal Properties and Industries Ltd. was to be valued at Rs.2,03,334/- as returned on the valuation date in accordance with the provisions of sec. 7(4) of the W.T. Act, 1957?
b) (i) Whether the Tribunal did not err in law in holding that the ownership in the property situate at 6, Aurangzeb Road was not transferred after the execution of the collaboration agreement dt. 2.5.84 with M/s Ansal Properties & Industries Ltd. and the assessee was liable to the W.T. Act, 1957?”
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