https://www.taxtmi.com/caselaws?id=10224 The court held that exemption under section 5(1)(iv) of the Wealth-tax Act is granted for a house or part of a house where people live and reside, not for a cinema building. Therefore, the assessees were not entitled to the deduction for the immovable property belonging to the firm, specifically a cinema building. However, the reversionary value of the land of the cinema building could be added to the market value calculated on a yield basis, favoring the assessee over the Revenue in this aspect. en-us Tue, 10 Aug 2004 00:00:00 +0530 Fri, 10 Jul 2009 19:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10224 The court held that exemption under section 5(1)(iv) of the Wealth-tax Act is granted for a house or part of a house where people live and reside, not for a cinema building. Therefore, the assessees were not entitled to the deduction for the immovable property belonging to the firm, specifically a cinema building. However, the reversionary value of the land of the cinema building could be added to the market value calculated on a yield basis, favoring the assessee over the Revenue in this aspect. Case-Laws Wealth-tax Tue, 10 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10224