2000 (11) TMI 17

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..... 69 and 1970-71. The first question concerns the extent to which the assessee can claim the benefit of section 5(1)(iv) of the Wealth-tax Act, 1957, which as it stood during the assessment year provided for exemption of one house or part of a house belonging to the assessee and exclusively used by him for residential purpose. It has been found by the Tribunal that the house property at Sterling R .....

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..... at the purpose of user should be residential implying thereby that the user should not be commercial, and that what is to be seen is whether the intention of the assessee is to live in the house. It was also held that the requirement of exclusive use of the building for residential purposes must be construed in a practical and pragmatic way rather than in a pedantic sense. The finding of the Tri .....

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..... ee and against the Revenue in the light of the decision rendered by the Bench of this court in T.C. Nos. 2062-63 of 1984, decided on February 18,1998--CWT v. V.T. Ramalingam [2002] 255 ITR 651, which held that such arrears of dividend are required to be deducted while working out the value of the shares. The second question is, therefore also answered in favour of the assessee and against the Reve .....

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