Commissioner of Wealth Tax vs Mithu H. Uttam

The petitioner seeks reference of the following question to this court :

"Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was correct in law in directing that the benefit of section 7(4) of the Wealth-tax Act, 1957, be allowed to the assessed by ignoring the material fact that provisions of section 7(4) of the Wealth-tax Act are applicable only if the property is owned by the assessed and is exclusively used by him for residential purposes throughout the period of twelve months immediately preceding the valuation date ?"

In the present case, the executor was also the beneficiary under the will of the late owner. The Tribunal rightly came to the conclusion that the benefit u/s 7(4) of the Wealth-tax Act was attracted. The Department is laying emphasis on the fact that the respondent was the executor of the will but it seems to ignore the fact that, as held by the Tribunal, he is also the beneficiary under the will and he has himself occupied the premises for 12 months. He was, Therefore, entitled to the benefit of section 7(4). The answer to the question proposed is self-evident and, Therefore, need not be called for.