1989 (6) TMI 40

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....ance of the Revenue, the Income-tax Appellate Tribunal 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 assessee having only a life interest in the building is entitled to the exemption under section 6(1)(iv) of the wealth-tax Act, 1957 ?" The respondent is an assessee to wealth-tax. We are concerned w....

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....storeyed building related to an interest in an immovable property and so taken in by the definition of "asset". Since the life interest was included in the net wealth of the assessee, the assessee was entitled to claim exemption under section 5(1)(iv) of the Wealth-tax Act, as the property "belongs to the assessee" within the meaning of section 5(1)(iv) of the Act. The Appellate Tribunal relied on....

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....7] 165 ITR 144. We also find that the decision of the Andhra Pradesh High Court in CED v Estate of Late Sanka Simhachalam [1975] 99 ITR 370, and also the decision of the Calcutta High Court in Jyotirmoy Raha's case [1978] 112 ITR 969 are relevant and useful in considering the scope of section 5(1)(iv) of the Wealth-tax Act, especially the term "belonging to" occurring in section 5 (.1 ) (iv) of th....