https://www.taxtmi.com/caselaws?id=68266 A broad construction of section 5(1)(iv) of the Wealth-tax Act was adopted, and the exemption was allowed for a shop treated as house property because the provision was not confined narrowly to residential use on the facts described. The valuation of jewellery and utensils was also reduced, as the assessee's past declared values, earlier acceptance, and lack of fresh market data showed that the wealth-tax estimate required moderation. Relief was therefore granted on both the exemption claim and the valuation dispute. en-us Wed, 09 Apr 1986 00:00:00 +0530 Sat, 21 Jan 2012 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68266 A broad construction of section 5(1)(iv) of the Wealth-tax Act was adopted, and the exemption was allowed for a shop treated as house property because the provision was not confined narrowly to residential use on the facts described. The valuation of jewellery and utensils was also reduced, as the assessee's past declared values, earlier acceptance, and lack of fresh market data showed that the wealth-tax estimate required moderation. Relief was therefore granted on both the exemption claim and the valuation dispute. Case-Laws Wealth-tax Wed, 09 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68266