https://www.taxtmi.com/caselaws?id=70735 The ITAT Nagpur allowed the appeal, holding that the exemption under section 5(1A) of the Wealth-tax Act, 1957 should be based on the new asset's eligibility after conversion, not the original asset's criteria. The Tribunal ruled in favor of the assessee, directing the WTO to grant exemption up to Rs. 1,50,000 for the bank deposit, rejecting the AAC's decision to limit it to Rs. 1 lakh based on the original asset's exemption limit. en-us Mon, 31 Dec 1984 00:00:00 +0530 Mon, 18 Apr 2011 18:48:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70735 The ITAT Nagpur allowed the appeal, holding that the exemption under section 5(1A) of the Wealth-tax Act, 1957 should be based on the new asset's eligibility after conversion, not the original asset's criteria. The Tribunal ruled in favor of the assessee, directing the WTO to grant exemption up to Rs. 1,50,000 for the bank deposit, rejecting the AAC's decision to limit it to Rs. 1 lakh based on the original asset's exemption limit. Case-Laws Wealth-tax Mon, 31 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70735