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2003 (11) TMI 26 - MADHYA PRADESH HIGH COURTAssets – valuation - "1. Whether, Tribunal was right in holding that section 7(4) of the Wealth-tax Act, 1957, which came on the statute book with effect from April 1, 1976, could be applied in the assessment years 1974-75 and 1975-76? - 2. Whether, Tribunal was right in holding that the assessee's half share in house No. 7/197, Swarup Nagar, Kanpur, was exclusively used by her for residential purposes?" - In the present case the house is jointly owned by the husband and wife. Hence, it cannot be said that the house is not exclusively used by the assessee for her residential purpose. The fact that her husband has also claimed the said benefit is no ground for rejecting her claim. – Thus, both the questions are answered in favour of the assessee and against the Revenue
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