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2008 (1) TMI 315 - HC - Wealth-taxWealth tax – appellants were allotted a flat in the building which was a tenant co-partnership society - Once assessee is admitted to membership and allotted a building or part of the building it is an ’asset’ – hence it is chargeable to tax - words “having a gross annual salary of less than Rs.2/- lakhs” in Section-2(ea)(i)(1) would also apply to employee & officer, and not only to director - assessee has given the property on rent and therefore, Section 7(2) is not applicable
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