1989 (2) TMI 26

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....ehalf of the assessee that the assessee, Shri Saroj Kumar Banerjee, has died leaving his son, Manoj Kumar Banerjee, as his legal heir and representative. The name of the son be recorded. The question that has been referred to us by the Tribunal under section 27(1) of the Wealth-tax Act, 1957 ("the Act"), is as under : "Whether, on the facts and in the circumstances of the case, the Tribunal ....

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....nging to that individual (a) the value of assets which on the valuation date are held (i) by the spouse of such individual to whom such assets have been transferred by the individual, directly or indirectly, otherwise than for adequate consideration or in connection with an agreement to live apart, or" The Wealth-tax Officer allowed in each of those assessments deduction of Rs.1 lakh in respect....

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....uction of Rs. 1 lakh allowed by the Income-tax Officer should not have been withdrawn by the Commissioner. The Tribunal followed the decision of the Madras High Court in the case of S. Naganathan v. CWT [1975] 101 ITR 287, where it was held that the benefit of section 5(1)(iv) would be available also where the property is transferred to the wife by reason of section 4 (1) (a). The view taken by....