https://www.taxtmi.com/caselaws?id=10225 The High Court of ALLAHABAD held that exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 does not apply to a cinema building, as it is not considered a house for habitation. The court ruled against the assessee, affirming that a cinema building does not qualify for the exemption meant for residential properties. The judgment favored the Revenue, clarifying the distinction between a house and a commercial building like a cinema hall owned by a partner in a firm. Each party was directed to bear their own costs. en-us Wed, 11 Aug 2004 00:00:00 +0530 Fri, 10 Jul 2009 19:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10225 The High Court of ALLAHABAD held that exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 does not apply to a cinema building, as it is not considered a house for habitation. The court ruled against the assessee, affirming that a cinema building does not qualify for the exemption meant for residential properties. The judgment favored the Revenue, clarifying the distinction between a house and a commercial building like a cinema hall owned by a partner in a firm. Each party was directed to bear their own costs. Case-Laws Wealth-tax Wed, 11 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10225