https://www.taxtmi.com/caselaws?id=11990 The court quashed the reassessment order dated March 27, 1997, under the Wealth-tax Act, ruling it arbitrary and whimsical due to settled previous decisions. It affirmed the exemption of Ummed Bhawan Palace in its entirety, including requisitioned land, from wealth-tax. The court held that the deduction for land and building tax liability, previously accepted and settled, should not have been reassessed. Additionally, it determined that the annual compensation for requisitioned land did not constitute wealth and could not be included in the net wealth assessment. en-us Thu, 07 Feb 2002 00:00:00 +0530 Sun, 14 Feb 2010 12:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11990 The court quashed the reassessment order dated March 27, 1997, under the Wealth-tax Act, ruling it arbitrary and whimsical due to settled previous decisions. It affirmed the exemption of Ummed Bhawan Palace in its entirety, including requisitioned land, from wealth-tax. The court held that the deduction for land and building tax liability, previously accepted and settled, should not have been reassessed. Additionally, it determined that the annual compensation for requisitioned land did not constitute wealth and could not be included in the net wealth assessment. Case-Laws Wealth-tax Thu, 07 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11990