https://www.taxtmi.com/caselaws?id=36544 The High Court held in favor of the assessee, ruling that the phrase "held by him" in section 5(3) of the Wealth-tax Act does not extend to assets deemed to be held by the assessee under section 4(1) of the Act. The Court emphasized that the legal fiction under section 4(1) serves the purpose of including assets in the net wealth of the assessee and cannot be extended for granting exemptions under section 5. The Court allowed the exemption for the asset held by the wife of the assessee, contrary to the Tribunal's decision, and awarded costs to the assessee. en-us Fri, 30 Nov 1979 00:00:00 +0530 Tue, 23 Mar 2010 11:02:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36544 The High Court held in favor of the assessee, ruling that the phrase "held by him" in section 5(3) of the Wealth-tax Act does not extend to assets deemed to be held by the assessee under section 4(1) of the Act. The Court emphasized that the legal fiction under section 4(1) serves the purpose of including assets in the net wealth of the assessee and cannot be extended for granting exemptions under section 5. The Court allowed the exemption for the asset held by the wife of the assessee, contrary to the Tribunal's decision, and awarded costs to the assessee. Case-Laws Wealth-tax Fri, 30 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36544