Wealth Tax not payable on Assets already sold & considered in capital gain Tax

Smt. Boda Sarada Reddy Vs Asst. (ITAT Hyderabad) It was the contention of the AO in Income Tax proceedings that assessee had indeed handed over the possession of the property as on 01-04-2006, which led to assessing the capital gains arising on the transfer of that property in AY. 2007-08. Therefore, as on 31-03-2007, the property was no longer in the possession or ownership of assessee. Moreover, if the property is deemed to be in assessee’s ownership, then, the money received towards sale would have to be considered as liability on the date of valuation. Accordingly, there cannot be a Weal...