COMMISSIONER OF WEALTH TAX Vs. NIRMALA RANI

JUDGEMENT

(1.) IN this case the following question has been sought to be answered :

(2.) THE assessee was having one-fourth and one-third share, respectively, in the land and building situated at 2/1/1B, Bright Street, Calcutta. In the original return for the asst. yrs. 1973-74 to 1975-76 the assessee had shown the total value as Rs. 90,605 which was revised to Rs. 1,27,439 in the revised return. She claimed exemption of Rs. 1 lakh from the wealth-tax. The WTO referred the matter to the Valuation Officer, Calcutta who valued the entire property at Rs. 10,21,000. The WTO accordingly adopted the one-fourth share of the land valued at Rs. 2,58,000 at Rs. 64,500 and one-third share of the building valued at Rs. 7,84,000 at Rs. 2,61,333. He allowed 2 per cent for undivided interest for co-owners. The total share valued was adopted at Rs. 3,19,317. In appeal, the valuation was confirmed by the AAC. On appeal filed before the Tribunal the matter was decided as follows :

(3.) IN view of the above decision, the question is answered in the negative against the Department.