1989 (9) TMI 97

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....l Cases Nos. 524 and 525 of 1984. By these references under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, Jabalpur Bench, has referred the following question of law to this court for its opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in refusing the exemption under....

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....urpose of the residence of the assessee and that it was owned by the firm and not by the assessee-partners. On further appeal before the Tribunal, the claim of the assessee in that behalf was not upheld by the Tribunal. Hence, at the instance of the assessee, the Tribunal has referred the aforesaid question of law to this court for its opinion. Having heard learned counsel for the parties, we h....

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....es. No decision to the contrary was brought to our notice. We see no cogent reason for holding that even after the omission of the words "and exclusively used by him for residential purposes" by the Finance (No. 2) Act of 1971, exemption under section 5(1)(iv) of the Act should not be allowed in the case of a commercial house owned by an assessee. In our opinion, therefore, the Tribunal was not ju....