- (1.)THIS judgment will dispose of Wealth-tax Cases Nos. 26, 27 and 28 of 1977, which have been filed under Section 27 (2) of the W. T. Act, 1957, and which contain common questions of law. Wealth-tax Case No. 26 relates to the assessment year 1968-69, No. 27 to 1969-70 and No. 28 to 1970-71.
(2.)BRIEFLY, the facts are that the respondent filed wealth-tax return relating to the assessment year 1968-69, on January 27, 1969, showing the value of the land situate at Jail Road at Rs. 17,050. He did not include in the return the house situated at Kennedy Avenue. A revised return was filed on July 5, 1969, enhancing the value of the land to Rs. 27,050 from Rs. 17,050. In the return he showed that he also owned a house in Kennedy Avenue but he claimed an exemption on the ground that it was a residential house. The WTO assessed the house at Rs. 1,15,000.
(3.)THE assessee submitted his return relating to the assessment year 1969-70 on August 20, 1969, declaring the value of the land at Rs. 17,050 and that of the house at Rs. 1,03,997. He claimed exemption to the extent of Rs. 1,00,000 in respect of the house and included the balance of Rs. 3,997 in the total wealth. The WTO again estimated the value of the house at Rs. 1,15,000.