COMMISSIONER OF WEALTH-TAX Vs. JETHA NAND

JUDGEMENT

(1.) Under Section 27(1) of the Wealth-tax Act, 1957, the Tribunal has stated the following question:

(2.) The assessee is an individual. The assessment years concerned are 1973-74 and 1974-75. The assessee was the owner of an oil mill engaged in manufacture of oil.

(3.) He was not himself doing the business. He had let out the mill on rent. In his wealth-tax assessment, he claimed exemption for the amount representing the value of machinery comprised in the said oil mill under Clause (xxxi) of Sub-section (1) of Section 5 of the Wealth-tax Act. This was rejected by the Wealth-tax Officer, but on appeal the Appellate Assistant Commissioner agreed with the assessee. The Tribunal dismissed the appeal preferred by the Revenue. Section 5 specifies the assets which shall not be included in the net wealth of the assessee. In so far as it is relevant, Section 5(1) reads as follows :