2006 (4) TMI 80

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...., 1957, seeking a direction to the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh, to draw up a statement of case and refer the following questions of law, arising out of the order dated September 18, 1989, passed in W.T.A. No. 471 of 1987, for the assessment year 1978-79, to this court for its opinion: "(i) Whether, on the facts and in the circumstances of the case, the Appellate ....

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..... D.S. Patwalia, advocate for the Revenue. He could not dispute that this court in CWT v. Mrs. Anju Munjal [1999] 240 ITR 918 has already decided the issue sought to be raised in the present case in favour of the assessee, by following its earlier judgment in the case of CWT v. Vipin Kumar [1993] 203 ITR 941 which has attained finality. The relevant para, of the judgment in Vipin Kumar [1993] 203 ....

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....matter, the assessees in the present case could be said to be having specific interest in the factory land and the building belonging to the firm and, as such, were entitled to the exemption granted to them by the Tribunal. Moreover, rule 2 of the Wealth-tax Rules providing for the detailed method of determining the value of the interest of a person in a firm of which he is a partner is a pointer ....

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....view has been expressed by the Madras High Court in CWT v. M. Appuswami [1998] 233 ITR 460 and CWT v. R. Ariff [2000] 246 ITR 797 (Mad). Counsel has also referred to two judgments in the cases of Purushothamdas Gocooldas v. CWT [1976] 104 ITR 608 (Mad) and Prakash Chand Modi v. CWT [1997] 225 ITR 541 (Raj) to support his arguments that the question of law raised by the Revenue in the petition s....