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TMI Blog1982 (3) TMI 149X X X X Extracts X X X X X X X X Extracts X X X X ..... ment years involved are 1977-78 to 1979-80. The facts briefly stated are that the assessee returned the value of an immovable property held by the assessee at Rs. 71,900, for the assessment year 1977-78 and at Rs. 72,000 each for the assessment years 1978-79 and 1979-80. The assessee, however, failed to claim exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 ("the Act"), which grants ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 35 were rightly rejected by the WTO though on erroneous grounds. According to the AAC the exemption under section 5(1)(iv) was allowable in respect of residential house as well as business premises, but the point for consideration was whether the assessee had claimed any exemption. According to him, no exemption was claimed in the returns of net wealth nor at the time of making the assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... residential houses from the assessment year 1972-73, irrespective of the fact whether the building was for residence or for a commercial use. The learned counsel of the assessee also referred to another circular of the Board wherein it had emphasized upon all assessing authorities that where relief is due to an assessee under the statute, it should be brought home to the assessee, even if it was n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parties that deduction under section 5(1)(iv) is admissible in respect of a house, whether used for self residence or for commercial purpose. The deduction under section 5(1)(iv) is also statutory inasmuch as this section lays down that wealth-tax shall not be payable by an assessee in respect of one house or part of a house belonging to the assessee. This, in our opinion, is a mistake of law app ..... X X X X Extracts X X X X X X X X Extracts X X X X
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