Voltas Ltd. vs Asstt. Cwt on 16 November, 2007
The substance of the arguments of the learned Counsel is that only deemed owner is liable to wealth-tax and not the owner. The assessee company is receiving the rent, exercising all the powers which an owner can exercise except the possession of the property in question. As a matter of fact, the assessee company is enjoying monthly rent in lieu of physical possession. The assessee is declaring rental income under the head 'Income from house property' and also claiming fixed allowance under Section 24(1)(i) in respect of repair which an owner can claim. Therefore, following the decision of the co-ordinate Bench of the Tribunal, Mumbai in the case of Mafatlal Industries Ltd. v. WTO (2005) 95 TTJ (Mumbai) 723 : (2005) 95 ITD 66 (Mumbai) we hold that it is not permissible (or assesses to take a stand in respect of an asset in wealth-tax proceedings diametrically opposite to stand taken in income-tax proceedings. In our opinion, the assessee continued to remain the owner because trie property in question belonged to the assessee.