https://www.taxtmi.com/caselaws?id=55755 The Tribunal dismissed the Revenue's appeals and partly allowed the assessee's appeals. It upheld the retrospective application of Rule 1BB, valuation of the property as a residential house, exemption under Section 5(1)(iv), and valuation of unquoted equity shares as directed by the CWT (A). The majority view supported the property being considered a residential house used for residential purposes, including housing servants and storing household goods. The dissenting opinion, however, argued against the property meeting the criteria for exemption under Section 5(1)(iv) or Rule 1BB. en-us Fri, 13 May 1988 00:00:00 +0530 Mon, 29 Nov 2010 18:19:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55755 The Tribunal dismissed the Revenue's appeals and partly allowed the assessee's appeals. It upheld the retrospective application of Rule 1BB, valuation of the property as a residential house, exemption under Section 5(1)(iv), and valuation of unquoted equity shares as directed by the CWT (A). The majority view supported the property being considered a residential house used for residential purposes, including housing servants and storing household goods. The dissenting opinion, however, argued against the property meeting the criteria for exemption under Section 5(1)(iv) or Rule 1BB. Case-Laws Wealth-tax Fri, 13 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55755