Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1982)1ITD638(Hyd.)
1. These appeals arise out of wealth-tax proceedings and relate to the assessment years 1970-71 to 1974-75. The appeals have been preferred by the revenue and as common contentions are involved, we proceed to dispose of the appeals by this common order.2. The assessee, a HUF, owned wet lands to the extent of 57.52 acres and dry lands to the extent of 92.12 acres. Most of these lands were tenanted. The assessee had put forth the plea at the time of assessments that portions of these agricultural lands had been transferred. The WTO held that as the transfer of property was not registered and even the entire sale proceeds had not been received by the assessee, the transfers were not complete and the assessee continued to be the legal owner of the properly. The assessee had sought for exclusion of 3 acres of wet land and 0.5 acres of dry land in relation to the assessment year 1970-71, and for the subsequent years exclusion was sought of the value of 41.72 acres of wet land and 73.49 acre...
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