https://www.taxtmi.com/caselaws?id=10107 The High Court of Madras interpreted section 40 of the Finance Act, 1983 in a case involving wealth-tax valuation for a closely held private company. The court ruled against the assessee, stating that the property partially leased out did not qualify for exemption under section 40 and should be subject to wealth-tax valuation. en-us Wed, 22 Sep 2004 00:00:00 +0530 Tue, 07 Jul 2009 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10107 The High Court of Madras interpreted section 40 of the Finance Act, 1983 in a case involving wealth-tax valuation for a closely held private company. The court ruled against the assessee, stating that the property partially leased out did not qualify for exemption under section 40 and should be subject to wealth-tax valuation. Case-Laws Income Tax Wed, 22 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10107