9911796707
TMI Blog1982 (9) TMI 107X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 20-2-1981 relating to the assessment years 1977-78 to 1979-80. The common issue involved in all these appeals is whether the assessee was entitled to the benefit of the provisions of section 7(4) of the Wealth-tax Act, 1957 ('the Act'), with regard to the kothi in Sant Nagar, Civil Lines, Ludhiana, constructed in the financial year 1973-74. 2. The assessee is a HUF. It is common ground that n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore the AAC. 3. The AAC has accepted the claim of the assessee for all the years under appeal that the provisions of section 7(4) are applicable and, therefore, the value of this residential house as on 31-3-1974, which was Rs. 1,24,400 should be taken on the valuation dates for each of the assessment years under appeal. This is a cause of grievance for the revenue. Hence these appeals. 4. We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... However, this concession is not available unless certain preconditions are fulfilled. These conditions are as under : i. The house must belong to the assessee ; and ii. This must be exclusively used by him for residential purposes through the period of 12 months immediately preceding the valuation date. There is further clarification in the Explanation to this sub-section that where the house ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onths immediately preceding the valuation date'. These words are in wide contrast to the provisions of section 6(1)(b) of the 1961 Act, where an individual is said to be resident in India in any previous year if he, inter alia, maintains or causes to maintain for him a dwelling place in India. In sub-section (4) of section 7, the Legislature has very clearly indicated the intention that the house ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 80,000. In our opinion, considering the location of the property, the city in which it is located, the prevalent prices of the real estate and the value of the property earlier taken, the value on each of the valuation dates adopted by the WTO is reasonable and fair. Hence, we reverse the orders of the AAC on the valuation as well. We set aside the orders of the AAC for each of the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X
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