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1985 (7) TMI 128 - ITAT ALLAHABAD-BExtract: .......ation date. Since the value of the land was Rs. 46,725, which was less than Rs. 1,50,000, it was exempt from wealth-tax under section 5(1)(iva). We, therefore, direct the deletion of Rs. 2 lakhs from the assessment. 14. Paragraph Nos. 17 to 22 of the order will be renumbered as paragraph Nos. 15 to 20. 15. In the result, the application is allowed.
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