1976 (9) TMI 50 - AT - Wealth-tax

Summary

The Appellate Tribunal ITAT Bangalore set aside the Commissioner of Wealth Tax's order and restored the Wealth-tax Officer's decision to include 1/7th share of three estates in the hands of each member of the HUF. The Tribunal held that the assessee is entitled to exemption under section 5(1)(iva) to the extent of Rs. 1,50,000. The Wealth-tax Officer was directed to recompute the value of the assessee's share in the estates and grant the exemption accordingly.