COMMISIONER OF INCOM TAX Vs. PONNAMMA LAKSHMI NARAYANI

JUDGEMENT

(1.) The question raised in the appeal filed by the revenue is whether the Tribunal was justified in holding that respondent assessee is entitled to exemption under S.2(4)(ea)(i) and (3) of the Wealth Tax Act for the cashew factory buildings leased out to a firm of which respondent was the partner.

(2.) We have gone through the order of the Tribunal and have heard standing counsel appearing for the assessee and Adv. Shri. Balakrishnan appearing for the respondent.

(3.) Cl.(ea) of S.2 which provides for exemption is as follows: