COMMISSIONER OF WEALTH TAX Vs. N KAMATCHI AMMAL

JUDGEMENT

(1.) THE assessee is an individual. She was a partner in a firm. THE firm, owned certain assets which are eligible for exemption under Section 5 of the Wealth-tax Act, 1957. THE assessee contended that the net wealth of the firm was to be ascertained without making any deduction in respect of the exempted assets and the share in the firm so ascertained was to be added to the net wealth of the assessee and the asses-see was to be granted a deduction in respect of the exempted assets held by her in her individual capacity as well as the value of exempted assets-attributable to the share in the firm to the full extent possible under Section 5(1A) of the Act. According to the Wealth-tax Officer, the exemption had to be allowed only in computing the net wealth of the firm. THE Appellate Tribunal accepted the case of the assessee and allowed the claim of the assessee. On that this reference has been made to this court and at the instance of the Revenue, the following question has been referred to us for consideration :

(2.) THE year of assessment involved is 1979-80.