https://www.taxtmi.com/caselaws?id=19062 The exemption for one building under section 5(1)(iii) of the Wealth-tax Act, 1957 continues to apply to an ex-ruler's official residence where the building remains the qualifying palace, even if a part has been let out. Partial letting does not alter the statutory character of the single exempt building or justify apportionment of its value for wealth-tax purposes. The settled interpretation of "any one building" limits the number of exempt buildings, but does not permit splitting the value of one qualifying residence. On that basis, no referable question of law arose under section 256(2) of the Income-tax Act, 1961. en-us Wed, 27 Sep 1995 00:00:00 +0530 Tue, 03 Nov 2009 16:57:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19062 The exemption for one building under section 5(1)(iii) of the Wealth-tax Act, 1957 continues to apply to an ex-ruler's official residence where the building remains the qualifying palace, even if a part has been let out. Partial letting does not alter the statutory character of the single exempt building or justify apportionment of its value for wealth-tax purposes. The settled interpretation of "any one building" limits the number of exempt buildings, but does not permit splitting the value of one qualifying residence. On that basis, no referable question of law arose under section 256(2) of the Income-tax Act, 1961. Case-Laws Wealth-tax Wed, 27 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19062