https://www.taxtmi.com/caselaws?id=26368 The court held that the assessee was entitled to exemption under Section 5(1)(ivb) of the Wealth-tax Act for the building constructed on agricultural land. The court emphasized that each assessment year should be considered independently, rejecting the relevance of past decisions. Additionally, the court found the reasons provided by authorities for rejecting the exemption claim, such as the size and cost of the building, to be irrelevant. The court ruled in favor of the assessee, stating that the building met the conditions for exemption, irrespective of its characteristics, and directed each party to bear their own costs. en-us Mon, 07 Oct 1985 00:00:00 +0530 Thu, 04 Feb 2010 15:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26368 The court held that the assessee was entitled to exemption under Section 5(1)(ivb) of the Wealth-tax Act for the building constructed on agricultural land. The court emphasized that each assessment year should be considered independently, rejecting the relevance of past decisions. Additionally, the court found the reasons provided by authorities for rejecting the exemption claim, such as the size and cost of the building, to be irrelevant. The court ruled in favor of the assessee, stating that the building met the conditions for exemption, irrespective of its characteristics, and directed each party to bear their own costs. Case-Laws Wealth-tax Mon, 07 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26368