https://www.taxtmi.com/caselaws?id=60830 The Tribunal ruled in favor of the revenue, overturning the AAC's decision, and disallowing exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 for a property jointly owned by seven co-owners. The Tribunal found that the property was not habitable before the valuation date due to incomplete essential works, emphasizing the importance of habitability for claiming exemption. The decision highlighted the necessity for a property to be habitable to qualify for exemption under the Act, ultimately denying the co-owners the exemption based on lack of evidence supporting habitability before the valuation date. en-us Thu, 20 Dec 1984 00:00:00 +0530 Sat, 08 Jan 2011 12:20:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60830 The Tribunal ruled in favor of the revenue, overturning the AAC's decision, and disallowing exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 for a property jointly owned by seven co-owners. The Tribunal found that the property was not habitable before the valuation date due to incomplete essential works, emphasizing the importance of habitability for claiming exemption. The decision highlighted the necessity for a property to be habitable to qualify for exemption under the Act, ultimately denying the co-owners the exemption based on lack of evidence supporting habitability before the valuation date. Case-Laws Wealth-tax Thu, 20 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60830