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<h1>High Court allows Wealth-tax Act exemption for residential property and deduction of dividend arrears on preference shares.</h1> The High Court of Madras ruled in favor of the assessee, allowing exemption under section 5(1)(iv) of the Wealth-tax Act for a residential property and ... - The High Court of Madras ruled in favor of the assessee on two questions. Firstly, the assessee was entitled to claim exemption under section 5(1)(iv) of the Wealth-tax Act for a house used exclusively for residential purposes. Secondly, the assessee could deduct arrears of dividend on cumulative preference shares while valuing shares in a company. The judgments were delivered by Judges R. Jayasimha Babu and K. Gnanaprakasam.
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