LAWS(RAJ)-1985-12-20

GANGA DEVI Vs. COMMISSIONER OF WEALTH TAX

Decided On December 19, 1985
GANGA DEVI Appellant
V/S
COMMISSIONER OF WEALTH-TAX Respondents

JUDGEMENT

(1.) THESE thirteen references before us involve common questions and so, they were heard together and it will be convenient to dispose of them by a common judgment.

(2.) FOR proper appreciation, we may notice the facts leading to DBWT Reference No. 27 of 1977 (Smt. Ganga Devi v. CWT) in which the Tribunal has made a consolidated reference in respect of the assessment years 1970-71, 1971-72, 1972-73 and 1973-74.

(3.) QUESTION No. 1.--It was urged by learned counsel for the assesses that Section 5 of the Act was applicable for computing the net wealth of the assessee only. It was submitted that the view taken by the Tribunal' is erroneous when it held that the lands belonged to M/s. Bichadi Agriculture Farm, of which the assessee was a partner and as such the exemption under Section 5(1)(iva) of the Act in respect of that land could not be available to the partners, for, they did not own any agricultural land in their individual capacity and so, while computing the wealth of the firm, exemption in terms of Section 5(1)(iva) of the Act should be given effect to in the hands of the firm. In this connection, our attention was drawn to the definitions of " assessee " and " net wealth " as given in Sections 2(c) and 2(m) of the Act and reference was made to the provisions contained in Sections 4(1)(b), 5(1)(iva) of the Act and Rule 2 of the Rules. Learned counsel for the Revenue supported the order of the Tribunal for the reasons mentioned therein.