https://www.taxtmi.com/caselaws?id=175191 The court held that the assessees failed to meet the criteria of ownership and exclusive residential use of the property under section 5(1)(iv) of the Wealth-tax Act. The reliance on a circular for exemption was deemed insufficient as circulars are not binding in judicial matters. Consequently, the court ruled against the assessees, in favor of the Revenue, denying the exemption and awarding costs to the Revenue. en-us Wed, 22 Apr 1992 00:00:00 +0530 Tue, 10 Nov 2015 16:24:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175191 The court held that the assessees failed to meet the criteria of ownership and exclusive residential use of the property under section 5(1)(iv) of the Wealth-tax Act. The reliance on a circular for exemption was deemed insufficient as circulars are not binding in judicial matters. Consequently, the court ruled against the assessees, in favor of the Revenue, denying the exemption and awarding costs to the Revenue. Case-Laws Income Tax Wed, 22 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175191