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Section 5 of the Wealth-tax Act, 1957 - Exemption - House property - Assessment year 1981-82 - Whether exemption under section 5(1)(iv) is not available to an assessee in respect of cinema building - Held, yes CASE REFERRED TO CWT v. Jai Kishan Gupta [2003] 264 ITR 482 (All.) [Para 4] A.N. Mahajan for the Applicant. ORDER 1. The Wealth-tax Appellate Tribunal, Delhi has referred the following question of law under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as 'the Act') for opinion to this Court:- "1. Whether the Income-tax Appellate Tribunal is legally correct in holding that the assessee was entitled to exemption under section 5(1)(iv) of the Wealth-tax Act in respect of his share in the value of immovable property which belonged to the firm of which the assessee is a partner." 2. The present reference relates to the assessment year 1981-82. The respondent is a partner in a partnership firm which owns an immovable property named Sree Talkies, Agra. He claimed exemption under section 5(1)(iv) of the Act in respect of the said building. The exemption was denied by the Wealth-tax Officer. However, it was accepted by the Appellate…

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