https://www.taxtmi.com/caselaws?id=18648 The High Court ruled in favor of the assessee, directing the Wealth-tax Officer to recalculate the exemption under section 5(1)(ii) of the Wealth-tax Act by excluding only those lands or buildings belonging to the firm that would otherwise be exempted under section 5(1) of the Act. The Court emphasized that assets exempted under section 5(1) should be excluded while computing the net wealth of the firm, in line with the principles established in the precedent case law. en-us Thu, 09 Nov 1995 00:00:00 +0530 Sat, 31 Oct 2009 11:05:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18648 The High Court ruled in favor of the assessee, directing the Wealth-tax Officer to recalculate the exemption under section 5(1)(ii) of the Wealth-tax Act by excluding only those lands or buildings belonging to the firm that would otherwise be exempted under section 5(1) of the Act. The Court emphasized that assets exempted under section 5(1) should be excluded while computing the net wealth of the firm, in line with the principles established in the precedent case law. Case-Laws Wealth-tax Thu, 09 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18648