https://www.taxtmi.com/caselaws?id=71122 The Tribunal partially allowed the appeals by directing the valuation of non-agricultural land to be reduced to Rs. 10,000 for one assessment year and Rs. 12,500 for another. It granted exemption for machinery in the rice and oil mills, considering them industrial undertakings. Additionally, the Tribunal upheld the exemption for a factory building, valuing it at Rs. 1 lakh and classifying it as a house eligible for exemption under s.5(1)(iv) of the Wealth Tax Act post-1971 amendment. en-us Wed, 12 Apr 1978 00:00:00 +0530 Thu, 21 Apr 2011 14:58:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71122 The Tribunal partially allowed the appeals by directing the valuation of non-agricultural land to be reduced to Rs. 10,000 for one assessment year and Rs. 12,500 for another. It granted exemption for machinery in the rice and oil mills, considering them industrial undertakings. Additionally, the Tribunal upheld the exemption for a factory building, valuing it at Rs. 1 lakh and classifying it as a house eligible for exemption under s.5(1)(iv) of the Wealth Tax Act post-1971 amendment. Case-Laws Wealth-tax Wed, 12 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71122