Wealth-tax exemption claim under section 5(1)(xxxiii) to be reconsidered afresh on the existing record

An assessee's alternative claim for exemption under section 5(1)(xxxiii) of the Wealth-tax Act, 1957 was considered after the original claim under section 5(1)(xxxiv) had been advanced. The record indicated that a similar exemption had already been accepted in the assessee's own case for another assessment year, and the relevant factual matters required initial examination by the Wealth-tax Officer. The assessment was therefore set aside so that the exemption claim under section 5(1)(xxxiii) could be considered afresh in the first instance.

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Issues: Whether the assessee was entitled to claim exemption of the amount in question under section 5(1)(xxxiii) of the Wealth-tax Act, 1957, and whether the assessment should be set aside for fresh consideration of that claim.

Analysis: The assessee had originally sought exemption under section 5(1)(xxxiv), and later raised an alternative plea under section 5(1)(xxxiii). The record showed that a similar claim had already been accepted in the assessee's own case for another assessment year, and the relevant factual aspects required consideration by the Wealth-tax Officer in the first instance.

Conclusion: The claim under section 5(1)(xxxiii) was directed to be considered afresh by the Wealth-tax Officer, and the assessment was set aside for that purpose.

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