https://www.taxtmi.com/caselaws?id=119571 The Tribunal held that residential houses allotted to employees, officers, or whole-time directors are considered 'Assets' under the Wealth-tax Act if the gross annual salary condition is met. It clarified that the exemption based on salary applies to all such individuals. Additionally, the Tribunal ruled that residential houses acquired after a specified date must be valued based on cost of acquisition, rejecting the argument that this rule does not apply to corporate assesses. Consequently, the Tribunal dismissed the appeals of the assessee regarding the valuation and classification of residential houses under the Wealth-tax Act. en-us Wed, 07 Mar 2007 00:00:00 +0530 Wed, 11 Jul 2012 18:15:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119571 The Tribunal held that residential houses allotted to employees, officers, or whole-time directors are considered 'Assets' under the Wealth-tax Act if the gross annual salary condition is met. It clarified that the exemption based on salary applies to all such individuals. Additionally, the Tribunal ruled that residential houses acquired after a specified date must be valued based on cost of acquisition, rejecting the argument that this rule does not apply to corporate assesses. Consequently, the Tribunal dismissed the appeals of the assessee regarding the valuation and classification of residential houses under the Wealth-tax Act. Case-Laws Wealth-tax Wed, 07 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119571