LATE NAWAB SIR MIR OSMAN ALI KHAN vs COMMISSIONER OF WEALTH TAX, HYDERABAD

The Supreme Court addressed the interpretation of 'assets belonging to the assessee' under Section 2(m) of the Wealth Tax Act, 1957, determining that properties sold without registered sale deeds still belonged to the assessee for net wealth inclusion, as full consideration was received and possession was handed over, invoking Section 53A of the Transfer of Property Act, 1882. The Court upheld the High Court's decision, reversing the Tribunal's ruling that the assessee had ceased ownership. The Court clarified that the annual payment received by the assessee from the government was not exempt from net wealth inclusion.