COMMISSIONER OF WEALTH-TAX Vs. RUPINDER KUMARI

JUDGEMENT

(1.) THIS judgment will dispose of W. T. References Nos. 20 and 19 of 1976, which relate to the assessment years 1972-73 and 1973-74, respectively.

(2.) THE Wealth-tax Appellate Tribunal, Chandigarh Bench, has referred the following question for the opinion of the court in W. T. Reference No. 20 of 1976:

(3.) THE facts, as given in the statement of the case, are that the assessment year commenced on 1st April, 1972. The relevant valuation date is 31st March, 1972. The assessee is an " individual". The WTO completed the assessment on 17th January, 1974, in respect of the net wealth of Rs. 7,38,410 as rounded off. The assessee had claimed an exemption under Section 5 (1) (vi) of the W. T, Act, in respect of his annuity policy amounting to Rs. 2,35,174 on the basis of the decision of this court in CWT v. Yuvraj Amrinder Singh [1914] 96 ITR 101 (P and H ). the WTO repelled the claim saying that the above judgment was under appeal in the Supreme Court. On appeal, the AAC reversed the order of the WTO and, following the High Court dieta in Yuvraj Amrinder Singh's case, accepted the appeal.