1981 (6) TMI 102

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....t of Wealth tax assessment for asst. yr. 1970-71. 2. The only point in dispute before us relates to the claim of the assessee u/s. 5(1)(iv) of the WT Act in respect of a house property at No.125, Lakshmipuram, Courtalam occupied by the assessee-HUF. The property is valued at Rs. 55,000 by the WTO as against Rs. 35,000 returned by the assessee. There is no dispute about the valuation. The WTO does....

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.... (Kar) supports the view of the WTO. The ld Departmental representative points out that mere belonging is not enough for asst. yr. 1970-71 and relies upon the order of the WTO, while the Id, representative for the assessee relied upon the decision of the Allahabad High Court in the case of Shiv Narain Chaudhari vs. CIT 1977 CTR (All) which is squarely on the point. He also referred to the recent d....

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....t of "house belonging to the assessee". No doubt, the statute required the further condition "and exclusively used by him for residential purposes" before 1st April 1970 prior to the omission of this condition by Finance (No.2) Act, 1971. It is for this reason that the WTO has allowed exemption for the later years and seeks to deny the exemption for asst. yr. 1970-71. For this year, it is necessar....

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....ght to be derived from the decision of the Karnataka High Court in 114 ITR 298 is in our opinion, misconceived. That decision relates to a co-operative society which cannot have "residence" in the ordinary sense, since residence implies a place "where human beings eats, drink and sleep or where his family and servant eat, drink and sleep and where there is some permanance or continuance of such ea....