https://www.taxtmi.com/caselaws?id=20857 The Court upheld the Tribunal's decision, affirming that the option under section 7(4) of the Wealth-tax Act can be exercised annually based on the residential use of the property. The Court directed a reexamination to determine if the conditions for exercising the option were satisfied for the Bombay flat, emphasizing the flexibility to revise the option in subsequent years. The judgment clarified that the property must be exclusively used for residential purposes for the preceding twelve months before the valuation date. The outcome favored the assessee, with no costs awarded. en-us Mon, 16 Mar 1992 00:00:00 +0530 Tue, 17 Nov 2009 16:19:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20857 The Court upheld the Tribunal's decision, affirming that the option under section 7(4) of the Wealth-tax Act can be exercised annually based on the residential use of the property. The Court directed a reexamination to determine if the conditions for exercising the option were satisfied for the Bombay flat, emphasizing the flexibility to revise the option in subsequent years. The judgment clarified that the property must be exclusively used for residential purposes for the preceding twelve months before the valuation date. The outcome favored the assessee, with no costs awarded. Case-Laws Wealth-tax Mon, 16 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20857