9911796707
TMI Blog1987 (6) TMI 86X X X X Extracts X X X X X X X X Extracts X X X X ..... " 2. In a way we can take both these points are concluded in favour of the assessee by the orders of the Tribunal for the earlier assessment years but yet since the case on the first point was hotly contested, we wish to record the arguments and express our views thereon. 3. The learned Departmental Representative contended that under the provisions of section 5(1)(xii) of the Wealth-tax Act the exemption granted from the levy of wealth-tax is in respect of "any works of art, archaeological, scientific or art collections, books or manuscripts belonging to the assessee and not intended for sale". The books held by the assessee, an advocate of eminence and of long standing, are those books which are used for the purposes of his profession ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oks" used in section 5(1)(xii) needs to be read in this perspective. He then referred us to the principles laid down for the application of this rule of interpretation and pointed out that the expression "works of art, archaeological, scientific or art collections" formed a genus and into that category or genus the expression "books or manuscripts" also must fall. Therefore books or manuscripts in order to fall within the exempted category have to be of the same nature as works of art, archaeological, scientific or art collections. Since library books are not of that nature, they fall out of the purview of section 5(1)(xii) and therefore do not qualify for exemption. However, they do come under the category prescribed under section 5(1)(x) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee is entitled to succeed. As rightly pointed out by the learned counsel for the assessee, we see no occasion for the application of the rule of ejusdem generis because we see no ambiguity in order to take the aid of this rule in the wording of section 5(1)(xii) of the Wealth-tax Act. Section 5 of Wealth-tax Act enumerates the assets on which no wealth-tax is payable. The value of those assets are not to be included in the net wealth of the assessee. Section 5(1)(xii) provides that any works of art, archaeological, scientific or art collections, books or manuscripts belonging to the assessee but not intended for sale are not to be included in the net wealth of the assessee at all. The assets enumerated for exclusion are very simple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f art or in the nature of a work of art. The collection of knowledge in a book therefore is of a different species. Such being the case we do not see how the principle of ejusdem generis can have application here. A library consists of several text books both ancient and modern on varied subjects including law reports. It could never have been the intention of the Legislature to impose wealth-tax treating these books containing knowledge as wealth, nor are we convinced with the argument of the learned Departmental Representative that the library books should be regarded as tools or instruments necessary for the assessee to carry on his profession or vocation and therefore the exemption has to be granted to the assessee under sub-section (x) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to an assessee, who is an advocate, would not be entitled to exemption under section 5(1)(xii) of the Wealth-tax Act. We find from this order that no reference was made to the order passed by two Benches of the Tribunal in the case of the assessee, with whom we are dealing now although those two orders were much earlier in point of time. We therefore presume that the Tribunal's view expressed on the applicability of the principle of ejusdem generis for interpreting the expression "books" used in section 5(1)(xii) was not available to this Bench. We would therefore prefer to follow the view expressed in the assessee's own case for the earlier years not only for the reasons given above but also for the sake of consistency, when the facts a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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