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TMI Blog1981 (5) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... d floor of Nagpal Hotel Building on land and building method, the ground was valued on rent capitalisation method. The assessee does not dispute the valuation of the first and second floor. Dispute is restricted to the valuation of the ground floor only. The dispute is very limited inasmuch as the assessee feels aggrieved only by the multiplier approved by the AAC. The AAC approved multiplier 12-1/2 times. Shri Dani, the ld. Rep. of the assessee urges that proper multiplier in these cases is 10 times. It is said by Shri Dani that in the relevant years the bank rate could not be less than 10 per cent in any case. We find substance in the submissions of Shri Dani. No criteria has been disclosed by the AAC for adopting the multiplier 12-1/2 ti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder s. 5(1)(iv) in respect of a building which is a business asset of the firm constituted by them. In this connection we may usefully rely on the decision of the Madhya Pradesh High Court in the case of Narsibhai Patel vs. CWT (1981) 20 CTR (MP) 43 : (1981) 127 ITR 633 (MP). In this case, the partners claimed exemption under s. 5 (1) (xxvi) of the Act, 1957, in respect of the bank deposits which the firm had made. The WTO allowed the exemption. The CWT revised the assessment under s. 25(2) that the assessee partners were not entitled to the said exemption. Giving the solution of this problem the Hon'ble Madhya Pradesh High Court observed at page 640 as follows: "As already stated, a partnership or firm is not a legal person and so it can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under s. 5(1) (iv). In our view, the AAC was not right in holding that the assessee, being a partner, was not entitled to claim exemption under s. 5(1) (iv), as the property belonged to the firm. We, therefore, direct the WTO to grant exemption to the assessee under s. 5(1) (iv). 5. Shri Dani clearly stated before us at the time of hearing that if exemption under s. 5(1) (iv) is allowed to the assessee then he would not press the legal objection as raised in the ground No. 1 of the grounds of appeal. The assessee having succeeded on ground No. 3, we reject the ground No. 1, as having not been pressed by the assessee. 6. This finished up the appeal relating to the asst. yr. 1973-74. 7. In the appeal for the asst. yr. 1974-75, only one mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngent only in the sense that it was payable to the assessee in the event of the death of her husband. The moment his death was there, the right to receive the insurance amount vested in the assessee. The amount may not be paid earlier on account of latches of the assessee herself or on account of the administrative delay on the part of the insurance company. The delayed payment of the amount will not detract us from taking the view that the assessee, had the right to receive the amount right on the date of death of her husband. We, therefore, hold that this amount was rightly included in the wealth of the assessee. 8. In the result, the appeal for the asst. yr. 1973-74 is allowed and the appeal for the asst. yr. 1974-75 is partly allowed.< ..... X X X X Extracts X X X X X X X X Extracts X X X X
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