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TMI Blog2008 (1) TMI 454X X X X Extracts X X X X X X X X Extracts X X X X ..... tion under s. 5(1)(vi) of the WT Act. We do not agree with the submissions of the ld DR because in the case of Goetze (India) Ltd.[ 2006 (3) TMI 75 - SUPREME COURT] , the issue was with regard to claim of deduction otherwise than claimed without filing of the revised return. However, in the present case the assessees did not claim any deduction. The claim of the assessees was with regard to exemption under s. 5(1)(vi) of the WT Act. The aforesaid provision as noted clearly provides that once house or a part of house belonging to an individual shall not be included in the net wealth of the assessee and the assessee shall not be liable to pay wealth-tax thereon. It is a statutory provision contained under the Act and as such the law as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e common issues are involved in all the matters, all these appeals were heard together and we dispose of the same through this common consolidated order. 4. In the Departmental appeals the Revenue has raised common grounds/issues challenging the findings of the learned CWT(A) allowing the claim of exemption under s. 5(1)(vi),of the WT Act in respect of the value of flat at Embassy Apartment, Mumbai. The assessee in the cross-objections has challenged the computation of wealth for the purpose of levy of tax. 5. The facts of the case are that both the assessees are beneficiaries of Ragini Priya Trust, Indore. Both the assessees i.e., Miss Ragini Sanghi and Miss Priya Sanghi are beneficiaries and enjoyed 50 per cent share of interest in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ined. This trust owned a residential flat in Embassy Apartment, Mumbai, and the value of the same was computed by the assessee as per sub-cl. (b) of Explanation to r. 16, Sch. III to the WT Act. It was contended that while disallowing the assessee's claim of deduction under s. 5(1)(vi) of the WT Act, the AO himself was not confident about denial of the claim as he has only tentatively mentioned that the assessee had other immovable properties as shown in their WT returns and were enjoying deductions. It was contended that actually the assessees do not own any other immovable property as is very clear from the balance sheet as well as computation of wealth. It was. therefore, submitted that exemption claimed under s. 5(1)(vi) was allowable t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction had been claimed under this clause, then this flat could be subjected to wealth-tax. Under these facts and circumstances of the case, the appellant is eligible for deduction under s. 5(1)(vi) and the value of the flat at Embassy Apartment, Mumbai, could not be included in the net wealth of the appellant. The AO, accordingly, directed to allow this deduction." 6. The learned Departmental Representative while assailing the order of the learned CIT(A) submitted that the assessees claimed deduction under s. 5(1)(vi) of the WT Act at the assessment stage before the AO and as such the learned CIT(A) was not justified in allowing the claim of the assessees. The learned Departmental Representative in support of her contention relied upon th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on facts. The learned counsel for the asses sees submitted that in case the point in issue with regard to exemption of flat in question is decided in favour of the assessees in the Departmental appeals. then the cross-objections of the asses sees would stand infructuous because it only raises the dispute of valuation of the flat, in question, for the purpose of levy of wealth-tax. 8. We have considered the rival submissions and the material available on record. Sec. 5(1)(vi) of the WT Act as was applicable to the assessment years under appeal provides exemption in respect of certain assets and further 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 ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to deduction at the assessment stage as per the decision of the Hon'ble Supreme Court in the case of Goetze (India) Ltd. We do not agree with the submissions of the learned Departmental Representative because in the case of Goetze (India) Ltd., the issue was with regard to claim of deduction otherwise than claimed without filing of the revised return. However, in the present case the assessees did not claim any deduction. The claim of the assessees was with regard to exemption under s. 5(1)(vi) of the WT Act. The aforesaid provision as noted above clearly provides that once house or a part of house belonging to an individual shall not be included in the net wealth of the assessee and the assessee shall not be liable to pay wealth-tax thereo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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