COMMISSIONER OF WEALTH TAX Vs. PAWAN KANT

JUDGEMENT

(1.) THE following common question of law has been referred to this Court for opinion under s. 27 (1) of the WT Act, 1957 (for short, 'the Act') in respect of : (i) CWT vs. Shri Pawan Kant (asst. yrs. 1979-80 to 1980-81); (ii) CWT vs. Shri Raman Kant (asst. yr. 1980-81) (iii) CWT vs. Shri Sunil Kant (asst. yrs. 1979-80 and 1980-81); (iv) CWT vs. Shri Umesh Munjal (asst. yrs. 1979-80 and 1980-81); and (v) CWT vs. Shri Suman Kant Munjal (asst. yr. 1980-81) :

(2.) THE assessees were partners in a partnership firm. They claimed exemption for their shares 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 to a house or part of a house belonging to the assessee. The Tribunal took the view that exemption was to be allowed to the assessees in respect of their shares in the property held by the firm and the value of their shares was not to be included in their taxable wealth.