COMMISSIONER OF WEALTH TAX Vs. RAMEWATER SIKARIA

JUDGEMENT

(1.) THIS is a reference under S. 27(1) of the WT Act, 1957('the Act'). The following question has been referred at the instance of the Department:

(2.) THE assessee, being an individual, was a partner of a firm, which owned certain immovable properties. In respect of the value of the properties owned by the firm, the assessee claimed exemption under S. 5(1)(iv) of the Act. THE assessee took up the matter before the AAC who directed the WTO to allow the claim of the assessee upon which the Revenue took up the matter before the Tribunal and the Tribunal sustained the order of the AAC. THErefore, at the instance of the Revenue this reference is so made.

(3.) ON the facts and circumstances of the case, there will be no direction as to costs.