https://www.taxtmi.com/caselaws?id=67574 The Appellate Tribunal ITAT Jaipur ruled in favor of the assessee, allowing all three appeals and directing the rectification of orders under section 35 to grant the statutory exemption under section 5(1)(iv) of the Wealth-tax Act. The judgment clarified that the exemption applied to both residential and commercial properties, and the failure to grant it was a mistake of law that needed rectification. This case emphasizes the importance of correctly interpreting and applying statutory provisions to ensure that rightful entitlements are not denied to taxpayers based on misconceptions or errors in assessment. en-us Sat, 20 Mar 1982 00:00:00 +0530 Fri, 11 Mar 2011 13:52:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67574 The Appellate Tribunal ITAT Jaipur ruled in favor of the assessee, allowing all three appeals and directing the rectification of orders under section 35 to grant the statutory exemption under section 5(1)(iv) of the Wealth-tax Act. The judgment clarified that the exemption applied to both residential and commercial properties, and the failure to grant it was a mistake of law that needed rectification. This case emphasizes the importance of correctly interpreting and applying statutory provisions to ensure that rightful entitlements are not denied to taxpayers based on misconceptions or errors in assessment. Case-Laws Wealth-tax Sat, 20 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67574