M A SREENIVASAN Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) IN conformity with the directions of this court in C.P. Nos. 32 to 35 of 1979, the INcome-tax Appellate Tribunal, Bangalore Bench, Bangalore ("the Tribunal"), at the instance of the assessee, has referred the following question of law for the opinion of this court :

(2.) IN order to appreciate the question referred to us, it is necessary to notice the facts that are not in dispute and as found by the Tribunal also.

(3.) SRI K. P. Kumar, learned advocate, appeared for the assessee. Sir K. SRInivasan, learned senior standing counsel, assisted by SRI H. Raghavendra Rao, learned junior standing counsel, appeared for the Revenue. Both the sides have relied on a number of rulings in support of their respective contentions. jSRI Kumar has contended that on the facts that are not in dispute and found by the Tribunal, the claim made by the assessee for exemption of the value of the residential building under section 5(1)(ivb) of the Act was well-founded and the question, therefore, requires to be answered in favour of the assessee.