M.Katju, J. - (1.) Heard learned counsel for the parties.
(2.) This is a wealth-tax reference under Section 27(1) of the WT Act in which the following question has been referred to us for our opinion : "Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee is entitled to exemption under Section 5(1)(iv) of the WT Act in respect of cinema building owned by the firm?"
(3.) The assessee is a firm and the relevant assessment years are 1974-75 to 1977-78. The assessee has 50 per cent share in the firm M/s Jai Kishan Anand Swarup, Bulandshahr. The assets in the firm consist of a cinema building, and the question in this case is whether the assessee's 50 per cent share in the value of the cinema building is exempt from wealth-tax. The WTO rejected the claim of the assessee but the AAC allowed his claim. The Tribunal dismissed the second appeal filed by the Department.;