https://www.taxtmi.com/caselaws?id=220843 The High Court ruled in favor of the assessee regarding the exemption of properties from wealth tax under Section 40(3)(vi b) of the Finance Act, 1983. The court upheld exemption for the residential property at Door No.20, emphasizing the clear language of the law. For the property at Door No.123, the matter was remitted for further consideration due to lack of factual findings. The exemption for the property at Door No.124 was accepted based on commercial exploitation in the course of business. Appeals were dismissed without costs as the tax effect was less than Rs.1,00,000. en-us Mon, 09 Jan 2012 00:00:00 +0530 Mon, 11 Feb 2013 06:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220843 The High Court ruled in favor of the assessee regarding the exemption of properties from wealth tax under Section 40(3)(vi b) of the Finance Act, 1983. The court upheld exemption for the residential property at Door No.20, emphasizing the clear language of the law. For the property at Door No.123, the matter was remitted for further consideration due to lack of factual findings. The exemption for the property at Door No.124 was accepted based on commercial exploitation in the course of business. Appeals were dismissed without costs as the tax effect was less than Rs.1,00,000. Case-Laws Wealth-tax Mon, 09 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220843