https://www.taxtmi.com/caselaws?id=40267 Under the Wealth-tax Act, immovable properties were to be valued under rule 1BB even for assessment years before 1979-80, applying the Court's earlier ruling in favour of the assessee. Exemption claims for the Sardar Samand Palace failed because the assessee had already chosen another house for clause (iv) relief and did not prove that clause (ivb) applied to a building connected with agricultural land in its immediate vicinity. The Jodhpur Fort also did not qualify for exemption under section 5(1)(xii), as that provision covers works of art, collections, books, or manuscripts, not a fort. Exemption provisions were to be strictly construed and allowed only on clear proof of statutory fit. en-us Wed, 19 Jul 2000 00:00:00 +0530 Mon, 26 Apr 2010 16:03:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40267 Under the Wealth-tax Act, immovable properties were to be valued under rule 1BB even for assessment years before 1979-80, applying the Court's earlier ruling in favour of the assessee. Exemption claims for the Sardar Samand Palace failed because the assessee had already chosen another house for clause (iv) relief and did not prove that clause (ivb) applied to a building connected with agricultural land in its immediate vicinity. The Jodhpur Fort also did not qualify for exemption under section 5(1)(xii), as that provision covers works of art, collections, books, or manuscripts, not a fort. Exemption provisions were to be strictly construed and allowed only on clear proof of statutory fit. Case-Laws Wealth-tax Wed, 19 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40267