2001 (8) TMI 56 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee, stating that the value of labour quarters in an estate can be excluded from the net wealth of the assessee under section 5(1)(ivb) of the Wealth-tax Act, 1957. The court found that the conditions for exemption were satisfied as the buildings were used as dwelling houses for laborers working on the estate. The subsequent amendment in 1975 did not affect the right to exemption for the assessment year in question.