https://www.taxtmi.com/caselaws?id=30639 The High Court of Bombay upheld the Tribunal's interpretation of Section-2(ea)(i)(1) of the Wealth Tax Act, 1957, clarifying that the gross annual salary criterion for house allotment applies to all individuals in full-time employment, not just directors. It affirmed that a flat in a tenant co-partnership society qualifies as an "asset" under the Act if it falls within the scope of Section 4(7). The court ruled that Section 7(2) does not apply to a house let out for residential purposes, leading to the dismissal of the appeal. en-us Tue, 08 Jan 2008 00:00:00 +0530 Thu, 11 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30639 The High Court of Bombay upheld the Tribunal's interpretation of Section-2(ea)(i)(1) of the Wealth Tax Act, 1957, clarifying that the gross annual salary criterion for house allotment applies to all individuals in full-time employment, not just directors. It affirmed that a flat in a tenant co-partnership society qualifies as an "asset" under the Act if it falls within the scope of Section 4(7). The court ruled that Section 7(2) does not apply to a house let out for residential purposes, leading to the dismissal of the appeal. Case-Laws Wealth-tax Tue, 08 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30639