https://www.taxtmi.com/caselaws?id=19263 The court held that a cinema theatre does not qualify as a 'house' for the purpose of exemption under section 5(1)(iv) of the Wealth-tax Act. As such, the basic exemption was not applicable to the assessee, a partner in a firm owning the cinema theatre. While partners can claim exemption based on their respective shares in the net wealth of the partnership firm, the specific nature of the property disqualified it from being considered a 'house' under the relevant section. The court ruled against the assessee on both issues and declined to award costs. en-us Thu, 16 Jun 1994 00:00:00 +0530 Thu, 05 Nov 2009 11:06:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19263 The court held that a cinema theatre does not qualify as a 'house' for the purpose of exemption under section 5(1)(iv) of the Wealth-tax Act. As such, the basic exemption was not applicable to the assessee, a partner in a firm owning the cinema theatre. While partners can claim exemption based on their respective shares in the net wealth of the partnership firm, the specific nature of the property disqualified it from being considered a 'house' under the relevant section. The court ruled against the assessee on both issues and declined to award costs. Case-Laws Wealth-tax Thu, 16 Jun 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19263