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2004 (7) TMI 46 - HC - Income TaxClaim for exemption u/s 5(vi) - Petitioner submitted that through oversight and because of wrong interpretation of the provision granting exemption under section 5(vi) of the Act with effect from the assessment year 1994-95, the petitioners did not claim exemption in respect of one house or part of the house belonging to the respective petitioners. The petitioners and their chartered accountant were under the belief that with effect from the assessment year 1994-95, the amendment in the Wealth-tax Act by the Finance Act, 1992, granting exemption under section 5(vi) was applicable only in respect of the residential house property and not in respect of any commercial property - petitioners prayed that the Assessing Officer be directed to grant exemption under section 5(vi) for the aforesaid assessment years 1994-95 to 2001-02 in respect of the petitioners' office premises – petition allowed
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