CWT Vs. SHAND DEVI AGARWAL

JUDGEMENT

(1.) THE Income 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: 'Whether, on the facts and in the circumstances of the case, the Appellate Tribunal erred in law in holding that the assessee HUF was entitled to the exemption under section 5(1)(iv) of the Wealth Tax Act, 1957 in respect of its share in the value of immovable property belonging to the partnership firm M/s. Kanhaiya Ice Factory in which the assessee was a partner.'

(2.) BRIEFLY stated the facts giving rise to the present reference are as follows : The dispute relates to the assessment year 1983 -84. The assessee who is a partner in the firm namely Kanhaiya Ice Factory claimed exemption under section 5(1)(iv) of the Act in respect of the factory building owned by the Firm. The said claim was not accepted by the assessing authority. But the Tribunal has allowed the same.

(3.) RESPECTFULLY , following the aforesaid judgment of this Court, we answer the question referred to us in negative, i.e., in favour of the department and against the assessee. There shall be no order as to costs.