COMMISSIONER OF WEALTH TAX Vs. RAMACHANDRA CHETTIAR K

JUDGEMENT

(1.) THE assessee in this wealth-tax reference owned a life interest in a number of houses on the relevant valuation date, namely, March 31, 1973. For the assessment year 1973-74, he claimed exemption under s. 5(1)(iv) in respect of one of the houses. THE WTO refused the exemption on the ground that the assessee was only a life tenant of the house. THE Tribunal, in appeal, however, held that even a mere life interest in the house was entitled to exemption under the Act.

(2.) IN this reference made at the instance of the Revenue, the question of law for our opinion is as under :