During the assessment year 1961 62 the assessee claimed exemption of the aforesaid Palace in companyputation of the wealth under the Wealth Tax Act under Section 5 1 iii of the Act.
The said Palace was declared by the Central Government in exercise of power under paragraph 13 of the Merged States Taxation Concessions Order 1949.
But on an application being filed under Section 27 of the Act Tribunal made the reference on the question.
This valuation obviously he found out on the basis of the rental income derived by the assessee.
Being aggrieved by the order of the Officer the assessee moved an appeal and the Asstt.
He accordingly took that into companysideration in companyputation and levying wealth tax on the same.
Commissioner in appeal as well as the Tribunal in Second Appeal companyfirmed the assessment made.
as already stated.
to be the official residence of the Ruler.
