COMMISSIONER OF INCOME TAX Vs. MOTI CHAND

JUDGEMENT

(1.) THIS is a reference under Section 27(1) of the Wealth-tax Act, 1957, at the instance of the Commissioner of Wealth-tax for deciding the following question of law, namely :

(2.) THE relevant assessment years are 1975-76, 1976-77 and 1978-79. THE question for decision is whether the value of paintings, drawings and manuscripts could be added in the net wealth of the assessee or they were exempted under Section 5(1)(xii) of the Wealth-tax Act, 1957. THE Wealth-tax Officer rejected the assessee's contention that they were exempted. However, the Appellate Assistant Commissioner reversed the view of the Wealth-tax Officer and the Tribunal has affirmed the Appellate Assistant Commissioner's view. Hence, this reference at the instance of the Commissioner.