2000 (11) TMI 17

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....stance of the Revenue. The assessment years are 1968-69 and 1970-71. The first question concerns the extent to which the assessee can claim the benefit of section 5(1)(iv) of the Wealth-tax Act, 1957, which as it stood during the assessment year provided for exemption of one house or part of a house belonging to the assessee and exclusively used by him for residential purpose. It has been found b....

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....d that what the statutory provision requires is that the purpose of user should be residential implying thereby that the user should not be commercial, and that what is to be seen is whether the intention of the assessee is to live in the house. It was also held that the requirement of exclusive use of the building for residential purposes must be construed in a practical and pragmatic way rather ....