https://www.taxtmi.com/caselaws?id=215912 The third proviso to Rule 3 of Schedule III to the Wealth-tax Rules, 1957 was construed to require that a house be retained exclusively for the assessee's own residential purpose and not let out or used for non-residential purposes. Actual physical occupation throughout the relevant period was held not indispensable, so long as the property remained earmarked for residential use. On that construction, the residential house qualified for the proviso and the valuation adopted on a contrary basis was unsustainable. en-us Fri, 11 May 2012 00:00:00 +0530 Thu, 23 Aug 2012 06:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215912 The third proviso to Rule 3 of Schedule III to the Wealth-tax Rules, 1957 was construed to require that a house be retained exclusively for the assessee's own residential purpose and not let out or used for non-residential purposes. Actual physical occupation throughout the relevant period was held not indispensable, so long as the property remained earmarked for residential use. On that construction, the residential house qualified for the proviso and the valuation adopted on a contrary basis was unsustainable. Case-Laws Wealth-tax Fri, 11 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215912