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2002 (4) TMI 23 - GUJARAT HIGH COURTNet Wealth - Wealth Tax, Exemption - "1. Whether, Tribunal was right in law in coming to the conclusion that the assessee was entitled to exemption under section 5(1)(iii) of the Wealth-tax Act, 1957, in respect of new building constructed by him in place of the old recognised palace? - 2. Whether, Tribunal was right in law in coming to the conclusion that the exemption was available to a building used as an official residence irrespective of the fact whether it was old or newly constructed?" - "Whether, assessee is entitled to exemption under section 5(1)(iii) of the Wealth-tax Act, 1957, in respect of the palace which was demolished and a new building has been constructed?" - Since the question as to whether the exemption claimed under section 5(1)(iii) of the Act could have been made by the assessee in the return filed by him in the status of a Hindu undivided family has not been referred and does not arise from the order of the Tribunal, we refrain from giving any opinion on that aspect of the matter. - In view of the above discussion, we hold that the Tribunal was right in coming to the conclusion that the exemption under section 5(1)(iii) of the Wealth-tax Act, 1957, was admissible even in respect of the new building constructed by the assessee in the place of the old recognised palace which was used as his official residence.
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