COMMISSIONER OF WEALTH TAX Vs. ANIL KUMAR AGGARWAL

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Delhi Bench-C, has, at the instance of the Commissioner of Wealth-tax, referred under Section 27(1) of the Wealth-tax Act, 1957, the following question, stated to be of law and to arise out of an order dated October 15, 1980, passed by the said Tribunal in Wealth-tax Appeals Nos. 515 and 516 (Delhi) of 1979, for the opinion of this court :

(2.) UNDER Section 5(1)(iv) of the Wealth-tax Act, a house property or part of a house belonging to the assessee was not includible in the net wealth of an assessee. The petitioner along with others owned some immovable property known as "Mahavir Glass Works" which appears to be assessed to income-tax as an association of persons. The petitioner claimed exemption under Section 5(1)(iv) of the Wealth-tax Act, 1957, in respect of his share in the said immovable property. The Assessing Officer denied the claim which was accepted by the Appellate Assistant Commissioner of Wealth- tax. The Tribunal on an appeal by the Assessing Officer has upheld the view taken by the Appellate Assistant Commissioner. In doing so, the Tribunal followed a judgment of the Karnataka High Court in CWT v. Chris-tine Cardoza (Mrs.) [1978] 114 ITR 532. At the instance of the Commissioner of Wealth-tax, the Tribunal has referred the aforesaid question for the opinion of this court.