Suhas Chandra Sen, J. - (1.) The assessee in this case is the official trustee of West Bengal for Trust Murshidabad Estate. The case relates to the assessment years 1964-65 to 1971-72, the corresponding valuation dates being 31st March immediately preceding each assessment year. The WTO in the wealth-tax assessment proceeding allowed exemption under Section 5(1)(iv) of the W.T. Act, 1957, up to Rs. 1 lakh in respect of a part of the building at 85, Park Street, Calcutta. The WTO held that the building was used partly for the residential purpose of the beneficiaries.
(2.) The AAC, however, held that the assessee was not entitled to the exemption as the building in question vested in the trustee to be held by him in trust. According to him, one of the beneficiaries was allowed to use and occupy the premises No. 85, Park Street, Calcutta, but the property did not belong to such beneficiary and the conditions laid down in Section 5(1)(iv) of the W.T. Act had not been satisfied in this case.
(3.) The assessee preferred an appeal to the Tribunal against the order of the AAC. The Tribunal held that the AAC was wrong in coming to the conclusion that the assessee was not entitled to the exemption under Section 5(1)(iv) of the W.T. Act.;