2015 PTD 2236

Case Laws / Head Notes / Paras

Immovable Property: Examination of the above quoted provisions shows that it envisaged only those assets which belonged to assessee on the valuation date. The word “ownership” is consciously not used in this section for the word “belonging”. Therefore, in our opinion the observations of the forums below on Section 17 of the Registration Act, 1908 are irrelevant. Clause (iii) to Section 2(16) was inserted through Finance Act, 1998 which postulated that in case right, title or interest, of more than one person, vested in an immovable property, such property was to be assessed under the status of an “Association of Persons”. The use of words “the right, title or interest to or in any immovable property” show that legislature has referred to an undivided immovable property. No inference c...