1991 (2) TMI 57

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.... -Under section 27 (1) of the Wealth-tax Act, 1957, the Tribunal has stated the following question : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the assessee was entitled to exemption as laid down under clause (xxxi) of sub-section (1) of section 5 of the Wealth-tax Act, 1957, on the value of the oil mill machinery owned by t....

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.... included in the net wealth of the assessee. In so far as it is relevant, section 5(1) reads as follows : "5. Exemptions in respect of certain assets.-(1) Subject to the provisions of sub-section (1A), wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee ... (xxxi) the value, as determined i....

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....is is the view taken by a Bench of the Andhra Pradesh High Court in C WT v. C. S. Rao [1988] 174 ITR 612 and we agree with it. Learned standing counsel for the Revenue, however, relied upon Division Bench judgment of the Madras High Court in CWT v. P. T. N. Shenbagamoorthy [1983] 144 ITR 724. The decision, no doubt, supports the contention of learned counsel but we find ourselves unable to acce....