- (1.) THIS is a reference under Section 27(1) of the Wealth-tax Act, 1957, at the instance of the Commissioner of Wealth-tax, to answer the following question of law, namely : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that, the value of various items of drawings, paintings, manuscripts, etc., would be 'exempt under Section 5(1)(xii) of the Wealth-tax Act, 1957, in the case of the assessee, ignoring the fact that in the accounting periods relevant to the income-tax assessment years 1964-65 and 1965-66, the assessee had, in fact, sold some paintings, etc., and the further fact that the department has not accepted the Tribunal's earlier decision dated March 13, 1975, for the two years aforesaid ?"
(2.) THE relevant assessment years are 1962-63, 1963-64, 1966-67, 1967-68, 1968-69, 1969-70, 1970-71, 1971-72, 1972-73, 1973-74, 1974-75 and 1977-78. In respect of the same assessee, the same question was referred to this court for its decision relating to the assessment years 1964-65 and 1965-66. THE decision therein is CWT v. Moti Chand Khajanchi [1988] 171 ITR 289. The Tribunal's view that the value of paintings was exempt from wealth-tax under Section 5(1)(xii) of the Wealth-tax Act was upheld as justified in that decision. That decision has to be followed in the present ease also relating to the same assessee in respect of some other years of assessment. Consequently, the reference is answered against the Commissioner and in favour of the assessee by holding that the Tribunal was justified in taking the view that the value of paintings was exempt from wealth-tax under Section 6(1)(xii) of the Wealth-tax Act, 1957. No costs.;