Sabyasachi Mukharji, J. - (1.) This appeal by certificate arises from the decision of the High Court of Andhra Pradesh and it seeks answers to two questions:"(i) Whether, on the facts and in the circumstances of the case, the properties in respect of which registered sale deeds had not been executed, but consideration had been received, belonged to the assessee for the purpose of inclusion in his net wealth within the meaning of S. 2(m) of the Wealth-tax Act, 1957 (ii) Whether, on the facts and in the circumstances of the case, the assessee's right to receive the sum of Rs. 25 lakhs O. S. from the State Government was an asset for the purposes of inclusion in his net wealth under the Wealth-tax Act, 1957
(2.) The year involved in this case is the assessment year 1957-58 under the Wealth-tax Act, 1957 (hereinafter called the 'Act') It may be mentioned that the valuation date is the first valuation date after coming into operation of the Act which came into force on lst April, 1957. The assessee was the Nizam of Hyderabad, an individual. There were several questions involved in the assessment with all of which the present appeal is not concerned.
(3.) So far as the first question indicated hereinbefore which was really question No. (ii) in the statement of case before the High Court, it may be mentioned that the Wealth-tax Officer had included a total sum of Rs. 4,90,775/- representing the market value of certain immovable properties in respect of which, although the assessee had received full consideration money, he had not executed any registered sale deeds in favour of the vendees. The Wealth-tax Officer held that the assessee still owned those properties and consequently the value of the same was included in his net wealth.;