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Issues:
- Exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 for half share in two properties. Analysis: 1. The appeal was filed by the assessee under the Wealth-tax Act, 1957 seeking exemption under section 5(1)(iv) for his half share in two properties in Madhopuri. The assessee owned half share in House Nos. B-VI-130 and B-VI-100, valued at Rs. 80,500 and Rs. 64,400 respectively. The WTO granted exemption only for one property, rejecting the claim for the other half share. 2. The WTO's decision was upheld by the AAC, stating that the two properties were purchased separately, had different municipal numbers, and were in different localities. The counsel for the assessee argued that both properties were in Madhopuri, connected with wall to wall construction and common courtyard, supporting the claim with a relevant case law. 3. The departmental representative argued that the properties had different numbers and paid house tax separately. However, the Tribunal disagreed with the lower authorities, noting that the properties were connected, with a common courtyard and rooms, indicating unity. Referring to a relevant case, the Tribunal emphasized that different municipal numbers were not conclusive in determining unity of the property. 4. The Tribunal found that despite being acquired separately, the properties had common features like wall to wall connection and unity of structure, making them one property. The properties being long enough with two openings in different kuchas did not negate their unity. Relying on the blueprints provided, the Tribunal allowed the assessee's claim for exemption under section 5(1)(iv) for both properties. 5. As a result of reversing the AAC's decision, the Tribunal allowed the assessee's appeal, granting exemption for the half share in both properties.
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