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<h1>Calcutta High Court grants exemption under Wealth-tax Act for assessee's flat purchase</h1> <h3>Commissioner Of Wealth-Tax Versus Smt. Satyabhama Ganeriwalla</h3> Commissioner Of Wealth-Tax Versus Smt. Satyabhama Ganeriwalla - [1992] 196 ITR 401 The High Court of Calcutta ruled in favor of the assessee in a Wealth-tax Act case for the assessment year 1978-79. The court held that the flat purchased by the assessee belonged to her, allowing exemption under section 5(1)(iv) of the Act. The Tribunal's decision was upheld, and the court referred to a previous case to support its judgment. The question posed was answered in the affirmative, and no costs were ordered. Judges: Shyamal Kumar Sen and Ajit Kumar Sengupta. [Case: 1991 (1) TMI 19 - CALCUTTA High Court]