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2003 (4) TMI 12 - HC - Wealth-tax"Whether, Tribunal is right in holding that the assessee (HUF) despite its being an Hindu undivided family is entitled to benefit of section 7(4) of the Act in respect of a property known as 'Dhairya Prasad'?" – The house in question was exclusively used by the assessee for residential purposes, and, in view of the assessee having opted to specify this house for the purpose of valuation under sub-section (4) of section 7, the fact that in the past assessment years, the assessee had claimed an exemption in respect thereof under section 5(1)(ivb), was hardly relevant and such exemptions availed of in the past in respect of that house did not preclude the assessee from exercising its option under the proviso to sub-section (4) of section 7 for the purpose of claiming the benefit of sub-section (4) – Thus question is answered in positive
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