https://www.taxtmi.com/caselaws?id=67679 The Tribunal ruled in favor of the assessee on several issues. The assessee was not entitled to exemption under Section 5(1)(iv) for his share in the factory building as it belonged to the firm. The Tribunal directed the Wealth Tax Officer to recalculate the firm's net wealth considering the exemption. It was found that the value of the factory building was erroneously included twice in the assessment, leading to a directive for correct computation. Additionally, the valuation of the assessee's share in a shop was adjusted, and the exemption for the shop was to be allowed unless already granted for another property. en-us Mon, 29 Aug 1977 00:00:00 +0530 Sat, 12 Mar 2011 13:17:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67679 The Tribunal ruled in favor of the assessee on several issues. The assessee was not entitled to exemption under Section 5(1)(iv) for his share in the factory building as it belonged to the firm. The Tribunal directed the Wealth Tax Officer to recalculate the firm's net wealth considering the exemption. It was found that the value of the factory building was erroneously included twice in the assessment, leading to a directive for correct computation. Additionally, the valuation of the assessee's share in a shop was adjusted, and the exemption for the shop was to be allowed unless already granted for another property. Case-Laws Wealth-tax Mon, 29 Aug 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67679