2001 (8) TMI 56

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....ontends that the value of labour quarters in an estate cannot be excluded from the net wealth of the assessee who is a partner in the firm which owns the estate. The assessment year is 1974-75. The revenue's contention was not accepted by the Tribunal and therefore the reference. Section 5(1)(ivb) of the Wealth-tax Act, 1957, as it stood during the relevant year reads thus: "5. Exemption in res....

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....is connection with the land; as dwelling house, storehouse or for keeping livestock. All the conditions stipulated are satisfied in this case. As a partner of the firm which owns the estate the assessee has connection with the land, the firm being entitled to receive the revenue out of the land. The buildings in respect of which exemption claimed are admittedly situated on the land. The buildin....

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....ng houses. Exemption was confined thereafter only to building used as storehouses or for keeping live stock. However that subsequent amendment does not affect the right of the assessee to the benefit of the exemption during the assessment year in which exemption was available for the group of buildings used as dwelling houses located on or in the immediate vicinity of agricultural land. The que....