1994 (4) TMI 35 - HC - Wealth-tax

Summary

The High Court of Madras ruled that the assessee was not entitled to exemption under section 5(1)(iv) of the Wealth-tax Act for the assessment year 1971-72. The Appellate Tribunal's decision granting the exemption was deemed incorrect in law. The court applied a previous decision involving a similar case and held that co-owners could not claim exclusive use of a property for exemption purposes.