https://www.taxtmi.com/caselaws?id=334045 The ITAT Hyderabad upheld the Assessing Officer's decision on the exemption of the plot's value under section 5(1)(vi) of the Wealth Tax Act, ruling that the exemption applies to assets of 500 sq. mts or less, not up to 500 sq. mts. Additionally, the ITAT allowed the Revenue's appeals for all assessment years concerning the addition of the car's value to taxable wealth, as the CWT(A) did not address this issue and it became final due to lack of contestation by the assessee. en-us Fri, 21 Oct 2016 00:00:00 +0530 Wed, 02 Nov 2016 17:32:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334045 The ITAT Hyderabad upheld the Assessing Officer's decision on the exemption of the plot's value under section 5(1)(vi) of the Wealth Tax Act, ruling that the exemption applies to assets of 500 sq. mts or less, not up to 500 sq. mts. Additionally, the ITAT allowed the Revenue's appeals for all assessment years concerning the addition of the car's value to taxable wealth, as the CWT(A) did not address this issue and it became final due to lack of contestation by the assessee. Case-Laws Wealth-tax Fri, 21 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334045