COMMISSIONER OF WEALTH TAX Vs. V T SOMASUNDARAM

JUDGEMENT

(1.) TWO questions are before us at the instance of the Revenue. The assessment years are 1968-69 and 1970-71. The first question concerns the extent to which the assessee can claim the benefit of Section 5(1)(iv) of the Wealth-tax Act, 1957, which as it stood during the assessment year provided for exemption of one house or part of a house belonging to the assessee and exclusively used by him for residential purpose.

(2.) IT has been found by the Tribunal that the house property at Sterling Road, Madras, is owned by the assessee along with his three sons, and is occupied by all of them. Thus the finding is that the house was used exclusively for residential purposes.