COMMISSIONER OF WEALTH TAX Vs. SHUSHILA DEVI TAMAKUWALA

JUDGEMENT

(1.) AT the instance of the Revenue, the Tribunal, "A" Bench, Patna, has referred the following question of law for the decision of this Court :

(2.) WE heard counsel for the Revenue. The matter arises under the WT Act, 1957.

(3.) IT is significant to note that the point that was considered was whether the exemption is available for the residential house only or to the business premises also. It was held that the provisions would apply even for business premises also. It was further held that the exemption would apply to a property whether it was house property or it was used for business purposes. In Sampath Iyengar's Three New Taxes, Vol. 1, 1976, page 344, the law is stated thus :