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TMI Blog1982 (9) TMI 122X X X X Extracts X X X X X X X X Extracts X X X X ..... emption u/s 5(1)(iv) of the WT Act on the property held by the firm. The WTO disallowed the claim of the assessee following the decision of the Madras High Court in the case of Purushottam Das Gokuldas vs. CWT 1976 CTR (Mad) 36 : (1976) 104 ITR 608 (Mad) on the reasoning that exemption u/s 5(1) (iv) cannot be allowed to the partner in respect of a building belonging to the firm. On appeal, the AAC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of CIT Madras vs. K Saraswathi Ammal Ors, (1981) 127 ITR 404 (Mad) and that of the Hon ble Supreme Court in the case of Addaki Narayanappa vs. Bhaskara Krishnappa AIR 1966 SC 1300 and that of the Karnataka High Court in the case of CWT vs. Mrs. Christine Cardoza (1978) 114 ITR 532 (Kar) and that of the Orissa High Court in the case of CWT vs. I. Butchi Krishna 1977 CTR (Ori) 299 : (1979) 119 I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eld to be available even for houses used for commercial purposes. Since the said exemption is fully available on commercial buildings as per the instruction of the CBDT, we do not consider it necessary to adjudicate on this point as the issue is settled by the said instruction which is binding on the authorities below. 6. The appeals of the revenue are accordingly dismissed. - - TaxTMI - TMIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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