https://www.taxtmi.com/caselaws?id=12267 The High Court upheld the Tribunal's decision, ruling in favor of the assessee regarding the valuation of a house property exclusively used for residential purposes under Section 7(4) of the Wealth-tax Act, 1957. The court emphasized the importance of the assessee's intention to retain exclusive control over the property for residential use, stating that physical possession was not mandatory as long as the property was reserved for personal residence. The judgment favored the assessee, affirming their entitlement to the valuation benefits as per the relevant provisions and disposing of the reference in their favor. en-us Fri, 19 Apr 2002 00:00:00 +0530 Sat, 20 Feb 2010 16:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12267 The High Court upheld the Tribunal's decision, ruling in favor of the assessee regarding the valuation of a house property exclusively used for residential purposes under Section 7(4) of the Wealth-tax Act, 1957. The court emphasized the importance of the assessee's intention to retain exclusive control over the property for residential use, stating that physical possession was not mandatory as long as the property was reserved for personal residence. The judgment favored the assessee, affirming their entitlement to the valuation benefits as per the relevant provisions and disposing of the reference in their favor. Case-Laws Wealth-tax Fri, 19 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12267