https://www.taxtmi.com/caselaws?id=55712 A statutory body corporate remains liable to wealth-tax unless the parent statute expressly grants exemption; here, the National Dairy Development Board Act exempted income-tax only, so no wealth-tax immunity was available. However, hostel buildings used solely for temporary accommodation of trainees during dairy-development training did not fall within the narrower pre-1-4-1997 definition of guest house or residential house under section 2(ea)(i), so their value could not be included in net wealth for the relevant years. The same reasoning also barred any prima facie adjustment under section 16(1)(a). en-us Tue, 07 Dec 1999 00:00:00 +0530 Mon, 29 Nov 2010 15:57:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55712 A statutory body corporate remains liable to wealth-tax unless the parent statute expressly grants exemption; here, the National Dairy Development Board Act exempted income-tax only, so no wealth-tax immunity was available. However, hostel buildings used solely for temporary accommodation of trainees during dairy-development training did not fall within the narrower pre-1-4-1997 definition of guest house or residential house under section 2(ea)(i), so their value could not be included in net wealth for the relevant years. The same reasoning also barred any prima facie adjustment under section 16(1)(a). Case-Laws Income Tax Tue, 07 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55712