1992 (3) TMI 16

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..... ot only once in respect of a particular residential house ? (2).Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the assessee was entitled to exercise fresh option under section 7(4) of the Wealth-tax Act, 1957, in respect of her Bombay flat for the assessment year 1982-83 even though that option was earlier exercised in respect of her Calcutta flat ?" Shortly stated, the facts are that the assessment year involved is 1982-83, the relevant valuation date being March 31, 1982. On the above valuation date, the assessee had a residential flat at Bombay, and also 1/4th share in the building at 1, Minto Park, Calcutta. In the assessment year earlier to the assessment year 1979-80, .....

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..... 20, 1986, in Wealth-tax Application No. 376/(Cal) of 1985, in the assessee's own case for the assessment year 1979-80. But he submitted that the present appeal has been filed in order to keep the matter alive. The authorised representative for the assessee contended that there was no change of option under section 7(4) of the Wealth-tax Act, 1957. We are unable to accept this submission in view of the facts stated in our order dated August 20, 1986. We are, however, of the opinion that this appeal has to be dismissed following our order dated August 20, 1986." Mr. Sunil Mitra, learned advocate appearing for the Commissioner, has submitted that, for the assessment year 1979-80, the conclusion of the Tribunal was challenged under section .....

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..... than one house for residential purposes. The words "specify in this behalf in the return of net wealth" show that the option has to be exercised and the house in respect of which the option is exercised has to be specified in the return. There is no other restriction. It cannot be said that this can be specified only once and not in the return of net wealth for each assessment year. As would appear from the provision itself, the assessment for each year is self-contained, on each valuation date the assessee is entitled to exercise the option. It cannot be held that the option could be exercised only once. If such option is exercised in respect of one building for an assessment year, it can be subsequently changed in the subsequent assess .....

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