TMI Blog1995 (11) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act in respect of factory land and building owned by the partnership firm styled as Hindustan Radiators, which, in fact, collectively belongs to the partners ? " It is contended by learned counsel for the assessee that the question framed by the Tribunal does not arise in the present case because the Wealth-tax Officer, Central Circle, Jodhpur, disallowed the claim of the assessee for the exemption under section 5(1)(iv) of the Act as the factory building is not covered under this definition and the question referred by the Tribunal, therefore, requires to be reframed ; or in the alternative, the Tribunal may be directed to send a fresh statement of the case as in the present form, the question is purely academic in nature and should ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act requires the Appellate Tribunal to refer to the High Court any question of law arising out of the order passed by the Tribunal. The question referred by the Tribunal does arise out of the order passed by the Tribunal because that was the only ground raised by the Revenue. The assessee in its application moved under section 256(1) also requested for referring the abovenoted question for the opinion of the High Court. It is only on the application of the assessee, in which a prayer was made for referring the above question for the opinion of the High Court, the question sought by the assessee has been referred. The contention, raised by learned counsel for the assessee, is, therefore, devoid of any force as the question which was sough ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the Tribunal, while answering the question in the negative, i.e., against the assessee and in favour of the Revenue, held that "the partners of Messrs. Bichadi Agricultural Farm cannot claim exemption under section 5(1)(iva) in respect of the agricultural land of the firm, for, those lands do not belong to them and the benefit under section 5(1)(iva) of the Act can be given to the firm and not to an individual partner." For the same reasons given in Ganga Devi's case [1987] 166 ITR 325 (Raj), the present reference is answered in the negative, i.e., in favour of the Revenue and against the assessee, and it is held that the assessee is not entitled for the grant of exemption under section 5(1)(iv) of the Wealth-tax Act in respect of the fa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
