https://www.taxtmi.com/caselaws?id=71062 The Tribunal allowed the assessee, a Hindu Undivided Family (HUF), relief of Rs. 75,000 under section 5(1)(iv) of the Wealth Tax Act for a factory building. The Tribunal upheld the exemption claim for old and new machineries under section 5(1)(xxxii) of the Act, following the AAC's decision. The AAC's correction of including transferred business assets twice in the taxable wealth calculation was deemed appropriate, resulting in an increased relief of Rs. 74,417 for the assessee. The appeals of the assessee were allowed, while those of the Department were dismissed. en-us Thu, 06 Mar 1980 00:00:00 +0530 Thu, 21 Apr 2011 11:39:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71062 The Tribunal allowed the assessee, a Hindu Undivided Family (HUF), relief of Rs. 75,000 under section 5(1)(iv) of the Wealth Tax Act for a factory building. The Tribunal upheld the exemption claim for old and new machineries under section 5(1)(xxxii) of the Act, following the AAC's decision. The AAC's correction of including transferred business assets twice in the taxable wealth calculation was deemed appropriate, resulting in an increased relief of Rs. 74,417 for the assessee. The appeals of the assessee were allowed, while those of the Department were dismissed. Case-Laws Wealth-tax Thu, 06 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71062