1978 (6) TMI 47

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.... VENKATARAMIAH J.--The following question has been referred to this court by the Income-tax Appellate Tribunal, Bangalore Bench, under the provisions of the Wealth-tax Act : " Whether, on the facts and in the circumstances of the case, the Tribunal is right, in law, in holding that the assessee is entitled to the deduction of Rs. 1,50,000 under section 5(1)(iv-a) of the Wealth-tax Act, 1957 ....

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....at total value and arrived at the net value of the estate including the shares of the other tenants-in-common at Rs. 75,178. One-third thereof was treated as the value of the interest of the assessee in agricultural land and, on that basis, proceeded to complete the order of assessment. Aggrieved by the order of the Wealth-tax Officer, the assessee filed an appeal before the Appellate Assistant Co....

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....here is no dispute that the assessee holds the share in question as a tenant-in-common with two others and his interest is one-third. When the value of the one-third share of the assessee in the estate which he holds as a tenant-in-common is added in the computation of the wealth, he is entitled to the full exemption allowable under section 5(1)(iv-a) of the Act. The Wealth-tax Officer was in erro....