1978 (6) TMI 48

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....-tax Appellate Tribunal, Bangalore Bench, has referred the following question for a decision of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee is entitled to the exemption under section 5(1)(iv) of the Wealth-tax Act, 1957, in respect of the residential property at 6-A, Rutland Gate, Madras, which was gifted ....

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....On further appeal by the department, the Tribunal upheld the view of the Appellate Assistant Commissioner. That is how the identical question has been referred for a decision of this court in relation to each of the years. The Appellate Assistant Commissioner in his order expressed his view on a reading of both section 4(1)(a) and section 5(1)(iv) of the Act as follows : " When an asset tran....

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....(1)(iv) of the Act provides : " 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--... (iv) one house or part of a house belonging to the assessee exclusively used by him for residential purposes : Provided that where the value of such house or part, situate in a place with a populatio....