9911796707
TMI Blog1978 (6) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Income-tax Appellate Tribunal, Bangalore Bench, under the provisions of the Wealth-tax Act : " Whether, on the facts and in the circumstances of the case, the Tribunal is right, in law, in holding that the assessee is entitled to the deduction of Rs. 1,50,000 under section 5(1)(iv-a) of the Wealth-tax Act, 1957 ? " The assessee, P. Purushotham Pai, is the owner of one-third share in a c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the other tenants-in-common at Rs. 75,178. One-third thereof was treated as the value of the interest of the assessee in agricultural land and, on that basis, proceeded to complete the order of assessment. Aggrieved by the order of the Wealth-tax Officer, the assessee filed an appeal before the Appellate Assistant Commissioner of Income-tax who dismissed it. On appeal to the Income-tax Appellat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... common with two others and his interest is one-third. When the value of the one-third share of the assessee in the estate which he holds as a tenant-in-common is added in the computation of the wealth, he is entitled to the full exemption allowable under section 5(1)(iv-a) of the Act. The Wealth-tax Officer was in error, in deducting first the exemption allowable under section 5(1)(iv-a) of the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by law. The method adopted by the Wealth-tax Officer which virtually denies the full exemption allowable under law is erroneous. The method of computation followed by the Tribunal has, therefore, to be upheld. The question referred to us is, therefore, answered in the affirmative and in favour of the assessee. The assessee is entitled to costs. Advocate's fee Rs. 250. - - TaxTMI - TMITa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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