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2002 (4) TMI 24 - HC - Wealth-tax"Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the house property was used for residential purpose and, therefore, the assessee was entitled to the benefit of section 7(4) of the Wealth-tax Act, 1957, so as to have the property valued as of April 1, 1971?" - we are of the opinion that the Tribunal was right in holding that the house property in question was used for residential purpose and, therefore, the assessee was entitled to the benefit of section 7(4) of the Wealth-tax Act, 1957, so as to have the property valued as on the valuation date relevant to the assessment year commencing on the 1st day of April, 1971. The question referred to us is, therefore, answered in the affirmative, against the Revenue and in favour of the assessee.
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