2001 (10) TMI 81

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....ssee is the administrator of the assets of his late father. The point in dispute before the Tribunal for the assessment year 1977-78 was, as to whether the assessee as administrator was entitled to the benefit of section 7(4) of the Wealth-tax Act, 1957, for the purpose of valuing the property known as "Kalyani Mahal" which belongs to the estate of the assessee's late father, A. Anantharamakrishna....

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....sentatives did and that no part of the house was at any time let out during this period. This aspect was completely omitted from consideration by the Tribunal while deciding as to whether the house could be regarded as exclusively used for the residential purpose during the period of 12 months in that year. An assessment against the administrator is made under section 19A of the Wealth-tax Act ....

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...., 1971, as also during the assessment years in question 1977-78. It is not disputed by the Revenue that the assessee as administrator of the asset is entitled to claim the benefit of section 7(4) even though the person whose estate was being administered was not available for residing in the premises in respect of which the option under section 7(4) had been exercised by the administrator. What is....

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....not the personal asset of the administrator or the executor. In this case, it is the finding of the Tribunal that the property had not been let out and that it was used for residential purposes. The only reason for not allowing the administrator to adopt the valuation as on April 1, 1971, for this house is, that the administrator did not reside there. It has been set out in the order of assessm....