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TMI Blog1994 (9) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... the following common question relating to the assessment years 1973-74 to 1977-78 for our opinion : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the assessee is entitled to the deduction of Rs. 1,50,000 under section 5(1)(iva) of the Wealth-tax Act, 1957 ?" M. V. Annapoorani Achi (applicant) is the wife of A. L. N. Muthu V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imum amount only in the case of all the co-owners. On appeal, the Appellate Assistant Commissioner following the decisions of the Karnataka High Court in the cases of CWT v. Purushotham Pai [1978] 114 ITR 270 and CWT v. Mrs. Christine Cardoza [1978] 114 ITR 532 held that the exemption under section 5(1)(iva) of the Act should be given in its entirety to the assessee. Accordingly, the Appellate Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 1,50,000 in accordance with the share held by her. Section 5(1)(iva) of the Act did not say anything about the extent of agricultural land to be held by the assessee. The said section gives exemption of Rs. 1,50,000 if the assessee has possessed agricultural lands. Therefore, the question of allowing proportionate amount out of Rs. 1,50,000 did not arise. In the decisions in Purushotham Pa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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