https://www.taxtmi.com/caselaws?id=57605 The Tribunal ruled in favor of the revenue, overturning the order granting exemption under section 5(1)(iv) of the Wealth Tax Act for land gifted to the assessee's wife. It held that the land gifted did not qualify as part of a house for exemption purposes, emphasizing that section 5(1)(iv) exempts only a house or part of a house belonging to the assessee. The Tribunal reasoned that treating the land as part of the house without adding the house itself back to the net wealth would be an overly broad interpretation of the law, ultimately allowing the revenue's appeals and restoring the assessments made by the WTO. en-us Mon, 12 May 1986 00:00:00 +0530 Sat, 11 Dec 2010 11:12:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57605 The Tribunal ruled in favor of the revenue, overturning the order granting exemption under section 5(1)(iv) of the Wealth Tax Act for land gifted to the assessee's wife. It held that the land gifted did not qualify as part of a house for exemption purposes, emphasizing that section 5(1)(iv) exempts only a house or part of a house belonging to the assessee. The Tribunal reasoned that treating the land as part of the house without adding the house itself back to the net wealth would be an overly broad interpretation of the law, ultimately allowing the revenue's appeals and restoring the assessments made by the WTO. Case-Laws Wealth-tax Mon, 12 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57605