TaxTMI 
TaxTMI 
2001 (12) TMI 61
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....he net wealth of the assessee? 2. If answer to question No.1 is in the negative, whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee would be entitled to claim exemption under section 5(1)(iii) of the Wealth-tax Act, 1957, in respect of the New Palace at Morvi?" The assessment years are 1975-76, 1976-77 and 1977-78 and the relevant valuation dates are March 31, 1975, March 31, 1976 and March 31, 1977, respectively. The assessee is the executor of the estate of the late Shri Mahendrasinhji, the Ruler of Morvi. She filed a return of wealth and in Part IV pointed out that the New Palace at Morvi was exempt under section 5(1)(iii) of the Act. The Wealth-tax Officer accepted the ....
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....ntend that the executor was only a legal representative of the deceased and all the properties of the deceased vested in the executor. It was, therefore, contended that the assessee was the owner of the property till the estate was completely administered, and as she was not the Ruler, the provisions of section 5(1)(iii) of the Act or the exemption by virtue of the notification under the Part B States (Taxation Concessions) Order, 1950, would not be available to the assessee. Mr. Qureshi also placed reliance upon the provisions of section 19A with special reference to sub-sections (1) and (2) of the said section to contend that till the administration of the estate is complete the executor is liable under the wealth-tax and is to be assesse....
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....cation issued the Government of India recognising the New Palace as the official residence of the Ruler, it is not possible to state that the property in question belongs to the assessee. The assessee was merely an executrix of the estate of the deceased Mahendrasinhji and as per the will of the late Mahendrasinhji, the property in question devolved on the legatee Shri Mayurdhwajsinhji immediately upon his death. There is no dispute as to the fact that Shri Mayurdhwajsinhji was the Ruler and it was he who was in occupation of the property in question. In view of this position, even if we accept the stand of the Revenue that the executrix should be treated as owner of the property till the point of time administration of the estate is comple....