COMMISSIONER OF WEALTH TAX Vs. SAROJ KUMAR BANERJEE

JUDGEMENT

(1.) It has been stated by the advocate appearing on behalf of the assessee that the assessee, Shri Saroj Kumar Banerjee, has died leaving his son, Manoj Kumar Banerjee, as his legal heir and representative. The name of the son be recorded.

(2.) The question that has been referred to us by the Tribunal under Section 27(1) of the Wealth-tax Act, 1957 ("the Act"), is as under : "Whether, on the facets and in the circumstances of the case, the Tribunal was correct in holding that the assessee was entitled to deduction under Section 5(1)(iv) of the Wealth-tax Act, 1957, in respect of the house at Hindusthan Road, Calcutta, belonging to his wife ?"

(3.) The assessments relate to the assessment years 1970-71 to 1974-75. For the assessment year 1970-71, the Wealth-tax Officer had included the sum of Rs. 1,67,750, as the value of the house property at Hindusthan Road, Calcutta, standing in the name of the assessee's wife. For the assessment year 1974-75, Rs. 1,70,000 was added as the value of the house property. This addition was done by applying the provisions of Section 4(1)(a) of the Act which lays down as hereunder :