https://www.taxtmi.com/caselaws?id=67192 The Tribunal dismissed the Departmental appeals and the assessees' cross-objections, affirming the CIT(A)'s decision to allow exemption under s. 5(1)(vi) of the WT Act for the value of a residential flat in Mumbai. The Tribunal concluded that the assessees were entitled to the exemption due to the absence of other immovable properties and the statutory provisions, regardless of when the claim was made. The AO's denial of exemption was deemed incorrect, and the wealth computation for tax levy purposes was upheld as accurate. en-us Fri, 25 Jan 2008 00:00:00 +0530 Thu, 18 Jan 2024 14:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67192 The Tribunal dismissed the Departmental appeals and the assessees' cross-objections, affirming the CIT(A)'s decision to allow exemption under s. 5(1)(vi) of the WT Act for the value of a residential flat in Mumbai. The Tribunal concluded that the assessees were entitled to the exemption due to the absence of other immovable properties and the statutory provisions, regardless of when the claim was made. The AO's denial of exemption was deemed incorrect, and the wealth computation for tax levy purposes was upheld as accurate. Case-Laws Wealth-tax Fri, 25 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67192