COMMISSIONER OF WEALTH TAX Vs. JIWAN RAM CHOKHANI

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:-- "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the order of the AAC allowing exemption under S. 5(1)(iv) of the wealth-tax Act, 1957 in the hands of the assessee in respect of the assessee's share of interest in the property of the firm in which the assessee is a partner ?"

(2.) THE assessee is a partner of the firm known as Satyanarayan Jiwanram, Police bazar, Shillong. THE assessee has a share of interest in the property of the firm. In the asst. yr. 1982-83, the assessee claimed exemption in respect of his share in the property under S. 5(1)(iv) of the Act. His claim was rejected by the WTO. On appeal by the assessee, the AAC directed the WTO to allow the deduction against the share of the assessee in the immovable property of the firm. THEreafter, the Department came in appeal before the Tribunal. THE Tribunal dismissed the appeal filed by the Department. THErefore, at the instance of the Department, the present reference has been made by the Tribunal.

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