VENKATAVARADHA REDDIAR R Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THESE cases have two questions common to all of them, namely :

(2.) IT is, however, conceded at the Bar that the answer to the first question will decide whether the basic exemption is available to the assessee or not. The assessee is a Hindu undivided family. At the material point, however, the karta of the family was a partner in a firm called Raman Theatre and was having 5/12ths share. He filed a wealth-tax return accordingly for the year 1974-75, admitting a taxable wealth of Rs. 1,73,770 and claimed a deduction of Rs. 82,810 under section 5(1)(iv), the sum representing his share of the cost of the cinema building; he claimed that cinema house is also a house, which is qualified for exemption under section 5(1)(iv) of the Wealth-tax Act. The Wealth-tax Officer, however, in his order has recorded as follows :

(3.) THERE are some judgments of this court, however, which contain observations which appear to conflict with the view expressed in the case of Purushothamdas Gocooldas . We shall deal with such judgments at the appropriate place in this judgment.