COMMISSIONER OF WEALTH TAX Vs. UMESH KUMAR

JUDGEMENT

(1.) THE following question arising from the assessee's wealth-tax case for the asst. yr. 1977-78 has been referred by the Tribunal at the instance of the Department under S. 27(1) of the WT Act, 1957 (for short, "the Act") :

(2.) THE assessee was a partner in a partnership firm. He claimed exemption for his share in the property of the firm under S. 5(1)(iv) of the Act. The WTO declined to allow exemption, holding that the property belonged to the partnership firm. Whereas the exemption was available to a house or part of a house belonging to the assessee. Tribunal took the view that exemption was to be allowed to the assessee in respect of his share in the property held by the firm and the value of his share was not to be included in his taxable wealth.

(3.) TAKING the same view as taken in the aforesaid case by this Court, the question is answered in the affirmative and in favour of the assessee.