2004 (10) TMI 46

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.... Tribunal, Allahabad, has referred the following questions of law under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"), for the opinion of this court: "Whether, on the facts and circumstances of the case, the Tribunal was correct in law in holding that the term 'house' will include all the unbuilt vast area of land and whether the immunity as envisaged under se....

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.... The Wealth-tax Officer had accepted the plea taken by the respondent and had valued the share at Rs. 4,57,600. The Commissioner of Wealth-tax was of the view that the provisions of section 7(4) of the Act which provided for freezing of the option of the assessee on the value of house used for residential purpose of the assessee would not become applicable to the entire property in question. Accor....

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....o him, for deciding the question as to how much land was to be regarded as being appurtenant to the house, the assistance of other laws, like the Urban Land (Ceiling and Regulation) Act, 1976, could be taken and on that basis land appurtenant to the house should be taken to be 500 sq. metres. The Commissioner of Wealth-tax directed the Wealth-tax Officer to pass a fresh assessment in the light of ....

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....residential unit in the earlier wealth-tax assessment prior to the assessment year 1976-77. With the introduction of sub-section (4) in section 7 of the Act by the Finance Act, 1976, with effect from April 1,1976, the position of the residential house would not change. It only provided for freezing the valuation of the residential house at the option of the assessee and nothing more. In the presen....