N.K.Sodhi, J.

1. These are five wealth-tax references made to this court under Section 27 of the Wealth-tax Act, 1957 (hereinafter called "the Act"). Three of these relate to Shri Vipin Kumar, the assesses for the consecutive assessment years 1974-75 to 1976-77, whereas the other two pertain to Shri Satish Kumar, Hindu undivided family, Batala, in regard to the assessment years 1974-75 and 1975-76.

2. Shri Vipin Kumar, in his individual capacity, was a partner in a firm which was working under the name and style of Gurdaspur Roller Flour Mills, Gurdaspur, during the assessment years in question and he had an 11 per cent. share in it. He claimed for all these three years exemption under Section 5(1)(iv) of the Act in respect of an amount of Rs. 74,140 being the value of his share in the immovable property belonging to the firm, namely, the factory land and building. Similarly, Shri Satish Kumar, Hindu undivided family, was also a partner in the same firm during the relevant assessment years. The Hindu undivided family which is the assessee claimed exemption under Section 5(1)(iv) of the Act in respect of an amount of Rs. 80,880 which represented its share in the factory land