https://www.taxtmi.com/caselaws?id=5574 Under section 5(1)(iii) of the Wealth-tax Act, exemption is confined to the building or portion actually in the occupation of a Ruler and declared as the official residence. The provision must be read strictly in a taxing statute, giving effect to every word; the phrase "in the occupation of a Ruler" cannot be treated as surplusage or expanded to cover the entire building merely because part is occupied. Portions let out remain includible in net wealth. The appeal failed, and the Revenue's construction was accepted. en-us Tue, 04 Mar 1997 00:00:00 +0530 Tue, 16 Dec 2025 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5574 Under section 5(1)(iii) of the Wealth-tax Act, exemption is confined to the building or portion actually in the occupation of a Ruler and declared as the official residence. The provision must be read strictly in a taxing statute, giving effect to every word; the phrase "in the occupation of a Ruler" cannot be treated as surplusage or expanded to cover the entire building merely because part is occupied. Portions let out remain includible in net wealth. The appeal failed, and the Revenue's construction was accepted. Case-Laws Wealth-tax Tue, 04 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5574