1. The Income-tax Appellate Tribunal, Cochin Bench has, under S.27(1) of the Wealth Tax Act, 1957, referred the following question of law for the opinion of the High Court:

"Whether, on the facts and in the circumstances of the case, the assessee partner is entitled to exemption u/s. 5(1) (iva) in respect of the agricultural properties of the firm?".

The question referred is covered by the decision of a Division Bench of this court reported in Commissioner of Wealth-tax v. Jose Mathew 1987 (2) KLT 67 = (1987) 168 I.T.R.46. But the case has come up before a Full Bench as another Division Bench felt that the decision in Jose Mathew's case requires reconsideration.

2. The assessee is a partner of a firm called M/s. Koliat Estates. The assets of the firm include agricultural lands. In computing the net wealth of the assessee his interest in the firm was taken into account as required by S.4(1)(b) of the Wealth Tax Act. The assessee's claim for exemption under S.5(1)(iva) of the Act in respect of the value of her share of the agricultural assets of the firm was not accepted by the Wealth Tax Officer. In appeal the Appellate Assistant Commissioner allowed exemption under S.5(1)(