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TMI Blog2004 (8) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... r section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"), for the opinion of this court: "1. Whether, on the facts and in the circumstances of the case, each of the assessees for each of the assessment years 1975-76 and 1976-77 was entitled to the deduction permissible under section 5(1)(iv) of the Wealth-tax Act, 1957, in respect of the immovable property belonging to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Wealth-tax directed the Assessing Officer to allow exemption under section 5(1)(iv) of the Act in respect of the value of their share in the cinema building, if it exceeded the exemption granted by the assessing authority in each of the assessment. The Department took up the matter in appeal before the Tribunal. The Tribunal had dismissed the appeal. We have heard Sri Shambhoo Chopra, le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other partner of the same firm had held that the assessee is entitled to deduction under section 5(1)(iv) of the Act in respect of the immovable property, which is cinema hall. Having heard learned counsel for the parties, we find that question No. 2 is covered by the decision of this court in the case of Ram Saran Kajriwal [1987] 168 ITR 485 and, therefore, the aforesaid question is answered in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilable to immovable property whereas under the aforementioned section exemption is available to a house and not immovable property. Thus the aforesaid decision is not applicable. We are in respectful agreement with the decision of this court in the case of Jai Kishan Gupta [2003] 264 ITR 482. In view of the foregoing discussions, we answer question No. 1 in the negative, i.e., in favour of the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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