Adarsh Gram Trust exempt from Wealth-tax under Section 5(1)(i) - High Court ruling

The High Court of Rajasthan ruled in favor of the Adarsh Gram Trust, holding that their net wealth is exempt under section 5(1)(i) of the Wealth-tax Act, based on a precedent favoring the assessee.

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The High Court of Rajasthan ruled in favor of the Adarsh Gram Trust, stating that their net wealth is exempt under section 5(1)(i) of the Wealth-tax Act. The decision was based on a previous case where a similar question was answered in favor of the assessee. The reference was answered against the Revenue and in favor of the assessee.

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