https://www.taxtmi.com/caselaws?id=57609 The Tribunal ruled in favor of the assessee, determining that the cinema theatre owned by a private limited company was exempt from wealth-tax. The Tribunal considered the cinema theatre as a plant for wealth-tax purposes, even though it was not assessed as a plant for income tax. It interpreted the subsequent amendment in the Finance Act, 1988, as declaratory and retrospective, exempting cinema houses from wealth-tax. Applying the rule of ejusdem generis, the Tribunal concluded that the cinema theatre fell within the exempt category of buildings, ultimately annulling the assessments as the assessee had no other chargeable assets. en-us Fri, 24 Jun 1988 00:00:00 +0530 Sat, 11 Dec 2010 11:25:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57609 The Tribunal ruled in favor of the assessee, determining that the cinema theatre owned by a private limited company was exempt from wealth-tax. The Tribunal considered the cinema theatre as a plant for wealth-tax purposes, even though it was not assessed as a plant for income tax. It interpreted the subsequent amendment in the Finance Act, 1988, as declaratory and retrospective, exempting cinema houses from wealth-tax. Applying the rule of ejusdem generis, the Tribunal concluded that the cinema theatre fell within the exempt category of buildings, ultimately annulling the assessments as the assessee had no other chargeable assets. Case-Laws Income Tax Fri, 24 Jun 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57609