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1977 (10) TMI 22 - HC - Wealth-taxExtract: .......tions Act, the assessee-club cannot be deemed to be entitled to exemption from wealth-tax under s. 5(1)(i) of the W.T. Act, 1957. In view of the foregoing discussion, we hold that the net wealth of the Hyderabad Race Club is not exempt from wealth-tax under s. 5(1)(i) of the W.T. Act, 1957, and we, accordingly, answer the reference in the negative.
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