1991 (2) TMI 57

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..... "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the assessee was entitled to exemption as laid down under clause (xxxi) of sub-section (1) of section 5 of the Wealth-tax Act, 1957, on the value of the oil mill machinery owned by the assessee, even though the oil mill was not run by the assessee but by another person, to whom it had .....

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..... "5. Exemptions in respect of certain assets.-(1) Subject to the provisions of sub-section (1A), wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee ... (xxxi) the value, as determined in the prescribed manner of assets (not being any land or building or any rights in any land or building or .....

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..... e agree with it. Learned standing counsel for the Revenue, however, relied upon Division Bench judgment of the Madras High Court in CWT v. P. T. N. Shenbagamoorthy [1983] 144 ITR 724. The decision, no doubt, supports the contention of learned counsel but we find ourselves unable to accept the said decision. That was a case where the assessee owned certain salt pans. Some of them he was working h .....

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