SYED SHAH MOHAMMED QUADRI, J.

( 1 ) UNDER s. 27 (1) of the WT Act, 1957, the following question is referred for our opinion at the instance of the Revenue :"whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee is entitled to exemption under s. 5 (1) (iv) in respect of the amount included in the assessee s net wealth representing the amounts paid to Nandam Construction Co. in respect of a flat given possession of to them ?"

( 2 ) TO answer the question it would be necessary to note the relevant facts here. The assessee is an HUF. For the asst. yrs. 1977-78 and 1978-79, under the WT Act, the assessee included the value of the flat at Rs. 70,000 and Rs. 80,125 respectively. The assessee claimed exemption under s. 5 (1) (iv) of the WT Act, on the ground that that was the only flat belonging to the joint family. Inasmuch as there was no registered document conveying the flat in favour of the assessee, the WTO did not allow the exemption under the said provision. The assessee unsuccessfully carried the matter in appeal. In second appeal before the Tribunal, it was held that the assessee was entitled to exemption under the said

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