https://www.taxtmi.com/caselaws?id=67212 Issue 1 involved the valuation of library books for wealth tax purposes under section 5(1)(x) of the Wealth-tax Act. The Appellate Tribunal upheld the exemption granted to a senior Advocate of the Supreme Court, considering the books as necessary tools for the legal profession. The Tribunal deemed the books as 'plant' essential for business purposes, leading to the deletion of book valuation from the assessee's wealth. In Issue 2, the Tribunal affirmed a reduced valuation of a plot at Neeti Bagh due to restrictions on transfer imposed by the lessor Co-operative House Building Society, following precedent and considering market value impacted by transfer restrictions. The revenue's appeals in both issues were dismissed. en-us Thu, 10 Feb 1983 00:00:00 +0530 Wed, 09 Mar 2011 15:33:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67212 Issue 1 involved the valuation of library books for wealth tax purposes under section 5(1)(x) of the Wealth-tax Act. The Appellate Tribunal upheld the exemption granted to a senior Advocate of the Supreme Court, considering the books as necessary tools for the legal profession. The Tribunal deemed the books as 'plant' essential for business purposes, leading to the deletion of book valuation from the assessee's wealth. In Issue 2, the Tribunal affirmed a reduced valuation of a plot at Neeti Bagh due to restrictions on transfer imposed by the lessor Co-operative House Building Society, following precedent and considering market value impacted by transfer restrictions. The revenue's appeals in both issues were dismissed. Case-Laws Wealth-tax Thu, 10 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67212