COMMISSIONER OF WEALTH TAX Vs. HASMUKHLAL MAGANLAL

JUDGEMENT

(1.) In this reference at the instance of the revenue, the following question is referred for our opinion in respect of assessment year 1978-79 :-

(2.) The assessee had claimed deduction under Section 5(1)(iv) of the Wealth Tax Act, 1957 to the extent of Rs. 1,00,000/- in respect of the office and factory building belonging to a partnership firm in which the assessee was a partner. The Wealth-tax Officer disallowed the claim. The assessee, however, succeeded in appeal before the Commissioner of Wealth-tax. The said decision was confirmed by the Tribunal in appeal filed by the revenue. Hence, this reference at the instance of the revenue.

(3.) Before dealing with the submissions of the learned counsel for the revenue, it will be useful to refer to the relevant statutory provisions.