1981 (8) TMI 122

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.... combined order of the AAC. The facts briefly stated are that the assessee belongs to the ruling family of Kishangarh State His Highness of Kishangarh owned valuable paintings and he distributed the paintings to the members of the family according to their choices. This is how the assessee received some of the paintings from His Highness, Kishangarh. The assessee sold certain paintings on a single....

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....y question for consideration is whether the assessee is entitled to exemption in respect of the paintings u/s. 5(1) (xii) of the WT Act, 1957. Clause (xii) of the s. 5(1), so far as material, can be read thus: Subject to the provisions of sub-s. (1A) wealth-tax shall not be payable by an assessee in respect of any works of art belonging to the assessee and not intended for sale. Shri Swarup,....

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..... 1 lakh. The case of the assessee is that a single sale was made in distress as the assessee was in pressing need of the money to pay the taxes. To discharge the statutory duty, meaning thereby, the payment of taxes the assessee had to sell the paintings and thus the sale was made only once to make the payment of taxes. Shri Pandey, the ld. Rep. of the assessee argues that a single sale that too ....