CWT Vs. MAHABIR PRASAD JAIN

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal, New 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 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 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 and 1984 -85.

(3.) WE have heard Sri Shambhoo Chopra, learned standing counsel appearing for the revenue. Nobody has appeared for the respondent assessee.