1991 (8) TMI 45

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.... section 27(1) of the Wealth-tax Act, 1957. These two tax cases pertain to the assessment years 1975-76 and 1976-77. The common question of law involved in these cases is as follows : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in holding that the value of factory shed and factory office building cannot be deducted to the extent of Rs....

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....e value of any land or building or any right or interest in any land or building belonging to the firm. The assessee preferred an appeal to the Appellate Assistant Commissioner who was pleased to allow the claim of the assessee. Aggrieved by this order, the Wealth-tax Officer appealed to the Appellate Tribunal but the Tribunal, following its earlier order, dismissed the Departmental appeal, thus u....

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....t year 1974-75 ? Whether the exemption mentioned in section 5(1)(xxxii) of the Wealth-tax Act, 1957, extended to the land and building forming part of an industrial undertaking pertaining to the firm ? " This court, on an elaborate consideration of the questions, by referring to the different authorities, has answered the said questions in favour of the assessee and against the Department. ....