as regards the former the two assessment years are 1964 65 and 1965 66 for which the respective valuation dates 31.3.1964 and 31.3.1965 whereas the assessment year in the case of princess rupinder kumari is 1965 66 for which the valuation date 18 31.3.1965.
yuvraj arminder singh and princess rupinder kumari are individual assessees being assessed to wealth tax under the wealth tax act 1957 hereinafter called the act .
aggrieved by the orders passed by the wealth tax officer the assessees preferred appeals to the appellate assistant companymissioner who allowed their appeals holding them to be entitled to exemption under s. 5 1 vi as according to him annuity policies were covered by the term any policy of insurance used in the said sub section.
in the three wealth tax references number.
the two assessees had purchased one annuity policy each and they claimed exemption in respect of the value of each policy in each ones assessment to wealth tax under 8.
this view of the appellate assistant commissioner was companyfirmed by the income tax appellate tribunal in appeals preferred by the revenue.
civil appellate jurisdiction civil appeals number.
the facts giving rise to the question are briefly these.
