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of <h1>Exemption granted for commercial office premise under section 5(1)(iv) based on CBDT circular</h1> <h3>WEALTH TAX OFFICER (FOURTH). Versus IV. MEHBUBANI.</h3> The ITAT Bombay-B upheld the AAC's decision to allow exemption under section 5(1)(iv) of the WT Act for a commercial office premise at Dalamal Chambers ... - The appeal was regarding the exemption under section 5(1)(iv) of the WT Act for an office premise at Dalamal Chambers valued at Rs. 80,750. The AAC allowed the exemption based on a circular letter issued by the CBDT, which clarified that the exemption was available even for commercial properties. The ITAT Bombay-B upheld the AAC's decision, stating that the circular was binding on departmental authorities and confirming the exemption for the office premise.
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