CWT Vs. CHINUBHIA LALBHAI

JUDGEMENT

(1.) AT the instance of the revenue, the following questions are referred for the opinion of this court in respect of the assessment years 1965 -66 to 1969 -70 :

(2.) HEARD Mr. Manish R. Bhatt, the learned senior standing counsel appearing on behalf of the revenue and Mr. H.M. Talati, advocate on behalf of the respondent -assessee.

(3.) AS far as second question is concerned, it is submitted that it was with regard to the benefit of valuation under rule 1BB of the Wealth Tax Rules, 1957 which was available to the assessee for the property at plot No. 614 -B 'Panchvati Gulbhai Tekra Area', Ahmedabad. As stated above, the Tribunal has taken the view that the said property has qualified for exemption under section 5(1)(iv). Since the Tribunal has decided the issue regarding exemption under section 5(1)(iv) in favour of the assessee and we have not disturbed the said finding of the Tribunal, the second question is not required to be answered by this court.