https://www.taxtmi.com/caselaws?id=9362 The court set aside the Tribunal's order, ruling in favor of the Revenue. The judgment emphasized the requirement for buildings to be used for business purposes to qualify for exemptions under the Wealth-tax Act, specifically under section 40(3)(vi) of the Finance Act, 1983. The court held that the weaving shed rented out and the building converted into a kalyana mandapam did not meet the criteria for exemption. Additionally, the court found the Tribunal's order and the timeline of the second order under section 35(7) of the Act to be legal, as the application for recall was within the specified timeframe. en-us Tue, 06 Sep 2005 00:00:00 +0530 Mon, 22 Jun 2009 13:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9362 The court set aside the Tribunal's order, ruling in favor of the Revenue. The judgment emphasized the requirement for buildings to be used for business purposes to qualify for exemptions under the Wealth-tax Act, specifically under section 40(3)(vi) of the Finance Act, 1983. The court held that the weaving shed rented out and the building converted into a kalyana mandapam did not meet the criteria for exemption. Additionally, the court found the Tribunal's order and the timeline of the second order under section 35(7) of the Act to be legal, as the application for recall was within the specified timeframe. Case-Laws Wealth-tax Tue, 06 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9362