https://www.taxtmi.com/caselaws?id=67774 The Tribunal upheld the AAC's decision, granting the assessee exemption under section 5(1)(xii) of the Wealth Tax Act, 1957 for paintings received from the ruling family and sold in a single distress sale. The Tribunal ruled that the single distress sale did not establish an intention for regular sale, emphasizing the assessee's conduct as crucial in determining intent. Consequently, all appeals by the Revenue were dismissed, affirming the assessee's entitlement to exemption for the valuable paintings. en-us Thu, 20 Aug 1981 00:00:00 +0530 Mon, 14 Mar 2011 15:18:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67774 The Tribunal upheld the AAC's decision, granting the assessee exemption under section 5(1)(xii) of the Wealth Tax Act, 1957 for paintings received from the ruling family and sold in a single distress sale. The Tribunal ruled that the single distress sale did not establish an intention for regular sale, emphasizing the assessee's conduct as crucial in determining intent. Consequently, all appeals by the Revenue were dismissed, affirming the assessee's entitlement to exemption for the valuable paintings. Case-Laws Wealth-tax Thu, 20 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67774