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2012 (6) TMI 499 - HC - Wealth-taxWhether Tribunal was right in holding that the assessee-society was exempt under section 5(1)(i) of the Wealth-tax Act in respect of its assets consisting of the land and buildings comprised in the kalyana mandapam owned by it - assets held under trust or other legal obligation for a public purpose - a charitable or religious nature - held that:- There is absolutely no dispute on the proposition of law that the provisions under the Income-tax Act and the Wealth-tax Act are totally different. Given the fact that the income from the kalyana mandapam is treated as income from property and that the property had been admittedly held by the assessee under trust for public purpose of a charitable nature, one need not advert to the applicability of the provision herein to the facts of the case. It is not the case of the Revenue that the case of the assessee falls under section 11(4A) of the Income-tax Act, a plea which the Revenue cannot take at this stage, having regard to the income-tax assessment granting exemption under section 11 of the Income-tax Act. - , the income by letting out the kalyana mandapam as income from the property is also binding on the Revenue and it is not now open to the Revenue to take a different view.
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