TMI Blog1982 (2) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... a number of houses on the relevant valuation date, namely, March 31, 1973. For the assessment year 1973-74, he claimed exemption under s. 5(1)(iv) in respect of one of the houses. The WTO refused the exemption on the ground that the assessee was only life tenant of the house. The Tribunal, in appeal, however, held that even a mere life interest in the house was entitled to exemption under the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee within the meaning of s. 5(1)(iv) of the Act. As authority for this proposition the case of A. F. Harvey Ltd. v. CWT [1977] 107 ITR 326 (Mad) was cited. The case cited by Mr. Rangaswamy as well as an earlier case in Thirumani Mudaliar v. CWT [1974] 96 ITR 152 (Mad) had to deal with quite a different question, namely, whether properties included in the estate of a testator can be treated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ifying expression, the primary natural meaning is that they are his own absolute property. When a person by virtue of a contractual obligation takes up the management of the properties as per the directions of a testator, he cannot be said to own the property absolutely.' This passage was quoted as a correct enunciation of the law in the later case. We do not find in these two decisions anything ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... belong " to the assessee as a life tenant so as to be exempt from s. 5(1)(iv) how can it be included in his assessment as taxable net wealth as a house " belonging " to the assessee ? Sometimes arguments are addressed without fully realising where they lead us to. The expression " assets " is defined in the W.T. Act as including property of every description, both movable and immovable. It is an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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