- (1.) This is a wealth-tax matter and the question referred to us is as follows : "Whether, having regard to the fact that in the absence of any registered deed of conveyance in regard to the transfer of flats at 13, Camac Street, Calcutta, the Tribunal is correct in law in holding that since the sale proceeds of the flats had been accounted for as the wealth of the assessee it is only the legal interest on the said property to be calculated at one per cent, of the sale proceeds that could be included in the total wealth of the assessee ?"
(2.) In the relevant assessment year, the assessee had sold several flats at 13, Camac Street, Calcutta. The sale was, however, not completed by execution and registration of deeds of conveyance.
(3.) In the wealth-tax return, the assessee accounted for the entire sale proceeds which was slightly above Rs. 56,00,000 and also one per cent, of the said amount was added by way of assessment as representing the value of the legal title which still remained in the assessee.;