https://www.taxtmi.com/caselaws?id=29123 Section 5(1)(iii) of the Wealth-tax Act exempts only a building notified as the official residence of a Ruler and actually occupied by him. The Delhi HC held that, although the Khas Bagh Palace could be treated as one building for notification purposes, the exemption could not extend to portions that had been let out to tenants and were not in the Ruler's occupation. Substantial occupation of the palace as a whole was not enough to satisfy the statutory condition for the non-occupied portions. The value of the let-out buildings was therefore includible in the assessee's net wealth. en-us Tue, 16 Nov 1982 00:00:00 +0530 Thu, 11 Mar 2010 10:21:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29123 Section 5(1)(iii) of the Wealth-tax Act exempts only a building notified as the official residence of a Ruler and actually occupied by him. The Delhi HC held that, although the Khas Bagh Palace could be treated as one building for notification purposes, the exemption could not extend to portions that had been let out to tenants and were not in the Ruler's occupation. Substantial occupation of the palace as a whole was not enough to satisfy the statutory condition for the non-occupied portions. The value of the let-out buildings was therefore includible in the assessee's net wealth. Case-Laws Wealth-tax Tue, 16 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29123