COMMISSIONER OF WEALTH TAX Vs. LAXMI DUTT

JUDGEMENT

(1.) This is a reference under Section 27 of the Wealth-tax Act, 1957, in which the following question has been referred to us for our opinion :

(2.) The assessee is an individual who is a partner in the firm, Laxmi Dutt Roop Chand, along with another partner, Roop Chand.

(3.) The relevant assessment years are 1974-75 and 1975-76. In his return of net wealth as well as during the assessment proceedings, the assessee claimed deduction under Section 5(1)(iv) of the Wealth-tax Act in respect of the house property owned by the firm. The Wealth-tax Officer rejected the assessee's claim but the appeal was allowed by the Appellate Assistant Commissioner and his order was upheld in further appeal by the Tribunal.