CWT Vs. SHRI BHAGWAN 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 the ITAT is legally correct in holding that the assessee was entitled to exemption under section 5(l)(iv) of the Wealth Tax Act, 1957, in respect of his share in the value of immovable properties which belonged to the firm of which the assessee is a partner ?'

(2.) THE present reference relates to the assessment years 1983 -84 to 1986 -87.

(3.) WE have heard Sri A.N. Mahajan, learned counsel for the revenue. Nobody has appeared on behalf of the respondent -assessee.