https://www.taxtmi.com/caselaws?id=26918 The High Court of Madras ruled in favor of the assessees in a case concerning the interpretation of section 5(1)(xxxii) of the Wealth-tax Act. The court held that assets like land, buildings, or interests in land or buildings that had already been exempted under other clauses of the Act cannot be excluded again under clause (xxxii). The judgment clarified that the exclusion under section 5(1)(xxxii) does not encompass assets already referred to in other sub-clauses of the Act, supporting the assessees' interpretation over the Revenue's stance. en-us Tue, 03 Jul 1984 00:00:00 +0530 Tue, 09 Feb 2010 12:54:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26918 The High Court of Madras ruled in favor of the assessees in a case concerning the interpretation of section 5(1)(xxxii) of the Wealth-tax Act. The court held that assets like land, buildings, or interests in land or buildings that had already been exempted under other clauses of the Act cannot be excluded again under clause (xxxii). The judgment clarified that the exclusion under section 5(1)(xxxii) does not encompass assets already referred to in other sub-clauses of the Act, supporting the assessees' interpretation over the Revenue's stance. Case-Laws Wealth-tax Tue, 03 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26918