https://www.taxtmi.com/caselaws?id=28925 The High Court of Madhya Pradesh ruled in favor of the assessee, holding that they were entitled to full exemption under section 5(1)(iv) of the Wealth Tax Act for their 1/3rd share in a jointly owned house. The court emphasized that exemptions should be granted to individual owners based on their specific shares in jointly owned property, rejecting the incorrect interpretation by the Wealth Tax Officer. The judgment favored the assessee, and no costs were awarded in the case. en-us Mon, 12 Apr 1982 00:00:00 +0530 Mon, 08 Mar 2010 16:48:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28925 The High Court of Madhya Pradesh ruled in favor of the assessee, holding that they were entitled to full exemption under section 5(1)(iv) of the Wealth Tax Act for their 1/3rd share in a jointly owned house. The court emphasized that exemptions should be granted to individual owners based on their specific shares in jointly owned property, rejecting the incorrect interpretation by the Wealth Tax Officer. The judgment favored the assessee, and no costs were awarded in the case. Case-Laws Wealth-tax Mon, 12 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28925