COMMISSIONER OF WEALTH TAX Vs. MOHINI DEVI CHORARIA

JUDGEMENT

(1.) In this reference under Section 27(3) of the Wealth-tax Act, 1957, for the assessment year 1982-83, the following questions of law have been referred to this court :

(2.) Shortly stated, the facts are that the assessment year involved is 1982-83, the relevant valuation date being March 31, 1982. On the above valuation date, the assessee had a residential flat at Bombay, and also 1/4th share in the building at 1, Minto Park, Calcutta. In the assessment year earlier to the assessment year 1979-80, the assessee exercised option to freeze the value of her share in the building at 1, Minto Park, Calcutta under Section 7(4) of the Wealth-tax Act, 1957. However, in the assessment year 1979-80, the assessee wanted to exercise the option under Section 7(4) in respect of the flat at Bombay, instead of her share in the house at Minto Park, Calcutta. The Wealth-tax Officer held that the option under Section 7(4) cannot be changed. He, therefore, did not freeze the value of the flat at Bombay under Section 7(4) of the Wealth-tax Act, 1957.

(3.) The assessee challenged the above order in appeal before the Appellate Assistant Commissioner and contended that the flat at Bombay was being used as a residential house.