1994 (4) TMI 32

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....tna, has referred the following question of law for the decision of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the factory building owned by the assessee was entitled to exemption under section 5(1)(iv) of the Wealth-tax Act, 1957? " We heard counsel for the Revenue. The matter arises under the Wealth-tax Act, 1957. W....

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....acing reliance on a letter of the Central Board of Direct Taxes, which was relied on in Sampath Iyengar's Three New Taxes, Vol. I, 1976, 4th edition, page 344, the Tribunal upheld the assessee's claim. It was, thereafter, at the instance of the Revenue that this reference has been made to this court for its decision. We heard counsel for the Revenue. Section 5(1)(iv) of the Wealth-tax Act, 1957....

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....ng to the exemption under section 5(1)(iv) of the Act, states thus : " After the amendment of the above section from April 1, 1972, it reads as under : One house or part of a house belonging to the assessee. The point for consideration is whether exemption is available for residential house only or to business premises also (of course within the limit laid down in the section). In this....

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....at the exemption would apply to a property whether it was house property or it was used for business purposes. In Sampath Iyengar's Three New Taxes, Vol. 1, 1976, page 344, the law is stated thus : " This exemption is available for all kinds of houses, whether residential buildings, or business premises or factory premises, without any restriction as to their user. " Relying on the above cir....