COMMISSIONER OF WEALTH TAX Vs. K M EAPEN

JUDGEMENT

(1.) The Income-tax Appellate Tribunal' Bangalore Bench, has referred the following question for a decision of this Court :

(2.) The Appellate Asst Commr in his order expressed his view on a reading of both Sec.4(1) (a) and Sec.5(1) (iv) of the Act as follows :

(3.) In the case of such an assessee, the admitted premisery is that the house has been transferred to a spouse. But in terms of Sec.4(1) (a) of the Act this item of property is included in the computation of the net wealth of the assessee 'as belonging' to that individual. Sec.5(1) (iv) of the Act provides :