https://www.taxtmi.com/caselaws?id=401349 The appeal was allowed, directing the AO to exempt the value of the Kelambakkam land under section 5(1)(vi) of the Wealth Tax Act for the assessment year 2009-10. The judgment emphasized the entitlement to exemption based on the plot's size within the specified limit, clarifying that individuals not owning a residential house can claim exemption under section 5(1)(vi) for any plot within the limit, even if the value falls below the exemption threshold. This decision underscores the importance of correctly applying the Wealth Tax Act provisions to ensure fair and accurate assessments. en-us Mon, 23 Nov 2020 00:00:00 +0530 Sat, 05 Dec 2020 12:25:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401349 The appeal was allowed, directing the AO to exempt the value of the Kelambakkam land under section 5(1)(vi) of the Wealth Tax Act for the assessment year 2009-10. The judgment emphasized the entitlement to exemption based on the plot's size within the specified limit, clarifying that individuals not owning a residential house can claim exemption under section 5(1)(vi) for any plot within the limit, even if the value falls below the exemption threshold. This decision underscores the importance of correctly applying the Wealth Tax Act provisions to ensure fair and accurate assessments. Case-Laws Wealth-tax Mon, 23 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401349