2001 (8) TMI 56

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..... h of the assessee who is a partner in the firm which owns the estate. The assessment year is 1974-75. The revenue's contention was not accepted by the Tribunal and therefore the reference. Section 5(1)(ivb) of the Wealth-tax Act, 1957, as it stood during the relevant year reads thus: "5. Exemption in respect Of certain assets.- (1)... (ivb) one building or one group of buildings owned by a cul .....

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..... conditions stipulated are satisfied in this case. As a partner of the firm which owns the estate the assessee has connection with the land, the firm being entitled to receive the revenue out of the land. The buildings in respect of which exemption claimed are admittedly situated on the land. The buildings are also admittedly required for use and are in fact used as dwelling houses to accommodate .....

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..... g live stock. However that subsequent amendment does not affect the right of the assessee to the benefit of the exemption during the assessment year in which exemption was available for the group of buildings used as dwelling houses located on or in the immediate vicinity of agricultural land. The question referred to us, namely, as to whether, on the facts and in the circumstances of the case, .....

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