COMMISSIONER OF INCOME TAX Vs. JAI KISHAN GUPTA

JUDGEMENT

(1.) Heard learned counsel for the parties.

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

(3.) The assessee is a firm and the relevant assessment years are 1974-75 to 1977-78. The assessee has 50 per cent share in the firm M/s Jai Kishan Anand Swarup, Bulandshahr. The assets in the firm consist of a cinema building, and the question in this case is whether the assessee's 50 per cent share in the value of the cinema building is exempt from wealth-tax. The WTO rejected the claim of the assessee but the AAC allowed his claim. The Tribunal dismissed the second appeal filed by the Department.