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2020 (2) TMI 540 - AT - Wealth-taxWealth tax assessment - exemption of 5(vi) for the purpose of self occupied residential property - HELD THAT:- We find that assessee has already exercised the option under Section 5(vi) of W.T. Act in respect of property at Shimla. The option having already been exercised by the assessee in the return; and also the option having not been altered from the assessee’s side by way of any revised return to claim the exemption under Section 5(vi) of W.T. Act in respect of Aralias DLF property at Gurgaon; we are of the view that in these facts and circumstances, the contention of the assessee to allow exemption under Section 5(vi) of W.T. Act on account of self occupied property in respect of Aralias DLF property at Gurgaon cannot be permitted at this stage. As both sides have agreed before us at the time of hearing, the Assessee is eligible for deduction on account of loan amounting to the aforesaid ₹ 8,384,306/-. Accordingly, we direct the Assessing Officer to allow deduction to ₹ 8,384,306/- for the purpose of assessing taxable wealth of the assessee. Subject to this direction, the aforesaid enhancement of ₹ 83,62,752/- made by the Ld. Commissioner (Appeals) to taxable wealth, by taking the value of aforesaid Aralias DLF property at Gurgaon at ₹ 1,67,46,763/-is confirmed. Appeal is partly allowed for statistical purposes.
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