https://www.taxtmi.com/caselaws?id=212132 The High Court clarified that the assessee was entitled to exemption for the managing director's residence under section 40(3)(vib) of the Finance Act. The Court upheld the exemption for properties at Door Nos. 123 and 124, emphasizing that leasing out properties as part of business activity entitles exemption from wealth-tax. The Court ruled in favor of the assessee due to the insignificant tax effect in each case, dismissing the Revenue's appeals without costs. en-us Mon, 09 Jan 2012 00:00:00 +0530 Tue, 01 May 2012 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212132 The High Court clarified that the assessee was entitled to exemption for the managing director's residence under section 40(3)(vib) of the Finance Act. The Court upheld the exemption for properties at Door Nos. 123 and 124, emphasizing that leasing out properties as part of business activity entitles exemption from wealth-tax. The Court ruled in favor of the assessee due to the insignificant tax effect in each case, dismissing the Revenue's appeals without costs. Case-Laws Wealth-tax Mon, 09 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212132