https://www.taxtmi.com/caselaws?id=59096 The Tribunal held that the Wealth Tax Officer's original order allowing a deduction under section 5(1A) of the Wealth-tax Act, 1957, in the assessment of the assessee-trust was correct. The Tribunal reasoned that all exemptions available under section 5 should apply, and exempt assets under section 5 should not be included in the net wealth for the purposes of section 21(1A). Therefore, the deduction of Rs. 1,50,000 under section 5(1A) was justified, and the Commissioner's decision to set aside the WTO's order was not upheld. The Tribunal canceled the Commissioner's order and affirmed the correctness of the deduction granted by the WTO. en-us Tue, 25 Oct 1983 00:00:00 +0530 Thu, 23 Dec 2010 18:49:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59096 The Tribunal held that the Wealth Tax Officer's original order allowing a deduction under section 5(1A) of the Wealth-tax Act, 1957, in the assessment of the assessee-trust was correct. The Tribunal reasoned that all exemptions available under section 5 should apply, and exempt assets under section 5 should not be included in the net wealth for the purposes of section 21(1A). Therefore, the deduction of Rs. 1,50,000 under section 5(1A) was justified, and the Commissioner's decision to set aside the WTO's order was not upheld. The Tribunal canceled the Commissioner's order and affirmed the correctness of the deduction granted by the WTO. Case-Laws Wealth-tax Tue, 25 Oct 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59096