1990 (11) TMI 41

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....e Income-tax Appellate Tribunal was correct in law in directing that the benefit of section 7(4) of the Wealth-tax Act, 1957, be allowed to the assessee by ignoring the material fact that provisions of section 7(4) of the Wealth-tax Act are applicable only if the property is owned by the assessee and is exclusively used by him for residential purposes throughout the period of twelve months immedia....