Law: Wealth Tax Act, 1957

Section: 27(3),5(1)(iv)

Wealth tax-----Net wealth---Firm---Partners---Additions in case of firm found by Tribunal to be intangible and not represented by assets---Share of addition not includible net wealth of partner---Indian Wealth Tax Act, 1957. Held, that under the Wealth Tax Act what is assessable as the wealth of an assessee - is the value of the assets actually owned by him on the valuation date. The Tribunal's finding was that the additions made in the case of a firm were not represented by any assets. Hence, the Tribunal was correct in law in holding that the assessee's share in the additions made in the case of the firm in which he was a partner was not includible in his wealth. (b) Wealth tax --- ----Exemption---House---Co-owner entitled to exemption under S.5(1)(iv) in respect of his share of house---Indian Wealth Tax Act, 1957, S.5. A co-owner of a house is entitled to exemption under section 5(1)(iv) of 'he Wealth Tax Act, 1957, in respect of his share of it. C.W.T. v. T.S. Sundararn (1999) 237 ITR 61 (SC) applied. JUDGMENT The Income-tax Appellate Tribunal, Bench Delhi, in compliance with this Court's direction, dated July 17, 1980, under section 27(3) of the Wealth Tax Act, 1957, in Wealth Tax Applications Nos. 47, 46 and 48 of 1980 has referred the following questions for the opinion of this Court: "(1) Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the assessee's share in the additions made in the case of the firth in which he was a partner was not includible in his wealth? (2) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the assessee was entitled to exemption under section 5(1)(iv) of .the Wealth Tax Act, 1957, in respect of his share in Saraswati Warehousing Corporation?" The aforesaid questions arise out of a consolidated order, dated March 7, 1979, passed by the Tribunal in Wealth Tax Appeals Nos. 1056, 1057 and 1058 (Delhi of 1976-77), for. the assessment years 1973-74, 1974-75. and 1975-76: We have heard Sri Shambhoo Chopra, learned counsel…

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