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TMI Blog1979 (3) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... to the exemption under section 5(1)(iv) of the Wealth-tax Act, for the assessment years 1965-66, 1966-67 and 1967-68 ? ". In order to appreciate the scope of the question, we may briefly state the facts found by the Tribunal and incorporated in the statement of case. The assessee, an executor of the will executed by late Pannalal Lahoti, died on 26th April, 1956, leaving behind him his wife, who was authorised to adopt a son after his death. Pursuant to the authority given by her husband, Bhima Bai has taken a boy in adoption. However, the execution is not yet complete for the assessment years 1965-66 to 1967-68. The executor has been assessed under s. 19A(1) of the Act. One of the questions that fell for decision before the wealth-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amined in the light of the provisions of s. 5(1)(iv) as they stood in the relevant years of assessment with which we are concerned in this reference. Section 5(1)(iv) says : " 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 :-- (iv) one house or part of a house belonging to the assessee and exclusively used by him for residential purposes." The aforesaid provision exempts a house or a part of a house belonging to the assessee and exclusively used by him for residential purposes for the purpose of wealth-tax. In this context and in order to find out whether the executor is or is not an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tial house for the purpose of his residence whenever he finds it necessary. That apart, the finding of the Tribunal that the beneficiaries of the will have also been using it for their residence would further strengthen our view that it is being used exclusively for residential purposes and by the assessee. From the statement of case, it is not indicated that this particular residential house has been used in any other way except for the residential purposes of the assessee in question. It admits of no doubt that the house in question belongs to the assessee as it is part of the estate of Pannalal Lahoti. Judged from any angle, we are satisfied that what the Tribunal has done is perfectly right and justified in law. The requirement of exclu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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