COMMISSIONER OF WEALTH TAX Vs. NAJIMA NIZAR

JUDGEMENT

(1.) THIS batch of five referred cases involves consideration of the same question of law. It is at the instance of the Revenue that the Income-tax Appellate Tribunal, Cochin Bench (in short, "the Tribunal"), has referred the aforesaid five cases. The matter arises under the Wealth-tax Act, 19S7 (in short, "the Act"). The same assessee is the respondent in all the five cases. Income-tax References Nos. 139 and 140 of 1984 relate to the assessment years 1973-74 and 1974-75, respectively. Income-tax References Nos. 14 to 16 of 1985 relate to the assessment years 1975-76,1976-77 and 1977-78, respectively. At the instance ' of the Revenue, the Tribunal has referred the following common question of law in all the five cases for the decision of this court ;

(2.) THE same question was raised for consideration in all the cases for the assessment years 1973-74 to 1977-78.

(3.) WE are of the view that the approach and test laid down by the Allahabad High Court in the aforesaid decision in Shiv Narain Chaudhari's case [1977] 108 ITR 104, is a correct one and in the light of the said decision, the Tribunal was justified in holding that the assessee is entitled to exemption under Section 5(1)(iv) of the Act in respect of the value of the whole building and not merely in respect of the proportionate value of one of the shop rooms in the building. WE answer the question referred to this court in the affirmative, against the Revenue and in favour of the assessee. All the references are answered as above.