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TMI Blog2008 (1) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income Tax (Appeals). 3. The appellant has raised the following three questions. "1. Whether the words "having a gross annual salary of less than Rs.2/- lakhs" in Section-2(ea)(i)(1) of the Act should be confined to the subject which immediately proceeds it, i.e. to a director who is in whole time employment or would it also apply to the case of an employee or an officer? 2. Whether the fact in a tenant co-partnership society constitutes an "asset" as defined in Section 2(ea)(i)(1) of the Act given that the right of occupation enjoyed by the appellant by reason of being a member of the tenant co-partnership society cannot be regarded as "building or land appurtenant thereto'? 3. Whether a house belonging to the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reproduced above. The first question therefore, would not arise. 6. Dealing with the second question, there is no dispute that what we are concerned with is a flat given for residence. It would make no difference that the flats are in a tenant co-partnership society as long as the asset falls within the ambit of Section 4(7) of the Wealth Tax Act. The test would be, is the assessee a member of a co-operative society and has been allotted a building or part of the building. An asset has been defined under Section-2(ea)(i) to include any building or land appurtenant thereto. Such building or land is also referred to as a house. The expression building has not been defined under the Act. As such, it will have to be understood in the ordinary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se. 7. We may now deal with the last contention as to Whether Section 7(2) of the Wealth Tax Act,1957 is attracted. Section 7(1) provides for the manner of valuation of the asset. The language used in section 7(2) deals with the value of the house belonging to the assessee and exclusively used by him for residential purpose through out the period for 12 months immediately preceding the valuation date. It was sought to be contended by the appellant-assessee that the valuation ought to be as of 31.3.1971. 8. The learned Tribunal found that the main ingredient of Section 7(2) is that the house must belong to the assessee and much have been exclusively used by him for residential purposes through out the period of twelve months immediately pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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