2000 (11) TMI 17 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee on two questions. Firstly, the assessee was entitled to claim exemption under section 5(1)(iv) of the Wealth-tax Act for a house used exclusively for residential purposes. Secondly, the assessee could deduct arrears of dividend on cumulative preference shares while valuing shares in a company. The judgments were delivered by Judges R. Jayasimha Babu and K. Gnanaprakasam.