https://www.taxtmi.com/caselaws?id=10459 Partners of a firm owning a cinema hall and market were denied exemption under section 5(1)(iv) of the Wealth-tax Act for their share in immovable properties by the High Court. The court ruled that the cinema hall and market did not qualify as a "house" for exemption purposes. Additionally, the court held that reversionary value should not be included in the valuation of immovable property by capitalizing the net annual letting value, siding with the partners against the Revenue on this issue. en-us Tue, 31 Aug 2004 00:00:00 +0530 Thu, 16 Jul 2009 10:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10459 Partners of a firm owning a cinema hall and market were denied exemption under section 5(1)(iv) of the Wealth-tax Act for their share in immovable properties by the High Court. The court ruled that the cinema hall and market did not qualify as a "house" for exemption purposes. Additionally, the court held that reversionary value should not be included in the valuation of immovable property by capitalizing the net annual letting value, siding with the partners against the Revenue on this issue. Case-Laws Wealth-tax Tue, 31 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10459