1976 (9) TMI 50

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....0th September, 1976, in which we have set aside the order of the Commissioner of Wealth Tax and have restored the orders of the Wealth-tax Officer. The Wealth-tax Officer, who had excluded the value of the three estates from the assessment of the HUF, M.L. Ramachandra Setty, had included the value of 1/7th share of these three estates in the hands of each member. The present assessee is one of the....

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....led the order of the Commissioner in W.T.A. Nos. 28 to 30/Bang/76-77 and have held that the three estates and lands did not belong to the H.U.F. on any of the valuation dates, the 1/7th share in the estates has to be assessed in the hands of the assessee. The question for consideration, therefore, is whether or not the assessee is entitled to the exemption under s.5 (1)(iva) to the extent of Rs. 1....