COMMISSIONER OF WEALTH TAX Vs. DINESH KUMAR

JUDGEMENT

(1.) The Wealth-tax Appellate Tribunal, Delhi, has referred the following question of law under Section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as the "Act") for opinion to this court : 1. Whether the Income-tax Appellate Tribunal is legally correct in holding that the assessee was entitled to exemption under Section 5(1)(iv) of the Wealth-tax Act in respect of his share in the value of immovable property which belonged to the firm of which the asses-see is a partner ?

(2.) The present reference relates to the assessment year 1981-82. The respondent is a partner in a partnership firm which owns an immovable property named Sree Talkies, Agra. He claimed exemption under Section 5(1)(iv) of the Act in respect of the said building. The exemption was denied by the Wealth-tax Officer. However, it was accepted by the Appellate Assistant Commissioner which order has been upheld by the Tribunal.

(3.) We have heard Shri A. N. Mahajan, the learned standing counsel for the Revenue.