- (1.) Under challenge before us is an order passed by the Settlement Commission in respect of the assessee appellant, Gajsingh, the erstwhile Maharaja of Jodhpur. Leave was granted restricted to the following three questions: "1) Whether the immovable properties referred to in para 7 of the Settlement commission's order should be valued under Rule I BB even for assessment years prior to 1979-1980; 2) Whether the value of the Sardar samand Palace is exempt from Wealth tax under Section 5 (1) (iv) or (ivb) of the wealth Tax Act, 1957; 3) Whether the value of the Jodhpur Fort is exempt under Section 5 (1) (xii) of the wealth Tax Act, 1957;
(2.) It is not in dispute that the first question must be answered in the affirmative and in favour of the assessee, being covered by the decision of this Court in commissioner of Wealth Tax v. Sharvan kumar Swarup and Son [jt 1994 (6) SC 446].
(3.) As to the second question, Section 5 of the Wealth Tax Act states that "wealth- tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee. . . . . (iv) one house or part of a house belonging to the assessee. . . (ivb) one building or one group of buildings owned by a cultivator of, or receiver of rent or revenue out of, agricultural land: Provided that such building or group of buildings is on or in the immediate vicinity of the land and is required by the cultivator or the receiver of rent or revenue, by reason of his connection with the land".;