COMMISSIONER OF INCOME TAX Vs. INDIRA DEVI

JUDGEMENT

(1.) THE following question arising from the assessee's wealth-tax case for the asst. yrs. 1978-79 and 1979-80 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. She claimed exemption for her 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 her share in the property held by the firm and the value of her share was not to be included in her taxable wealth.