https://www.taxtmi.com/caselaws?id=120532 The tribunal upheld the denial of exemption for the residential flat at NCPA, Mumbai, under the Wealth-tax Act for the assessment year 2001-02. It emphasized that assets must meet specific criteria for exemption, regardless of past usage patterns, and each assessment year is independent for tax purposes. The tribunal dismissed the appeal related to the flat, citing the failure to fulfill exemption conditions under the Act. The appeal was partly allowed for statistical purposes concerning the value of motor cars in the assessee's net wealth, which was set aside for further verification by the Assessing Officer. en-us Fri, 25 Apr 2008 00:00:00 +0530 Sat, 21 Jul 2012 10:30:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120532 The tribunal upheld the denial of exemption for the residential flat at NCPA, Mumbai, under the Wealth-tax Act for the assessment year 2001-02. It emphasized that assets must meet specific criteria for exemption, regardless of past usage patterns, and each assessment year is independent for tax purposes. The tribunal dismissed the appeal related to the flat, citing the failure to fulfill exemption conditions under the Act. The appeal was partly allowed for statistical purposes concerning the value of motor cars in the assessee's net wealth, which was set aside for further verification by the Assessing Officer. Case-Laws Wealth-tax Fri, 25 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120532