1999 (10) TMI 17 - HC - Wealth-tax

Summary

The High Court of Allahabad ruled in favor of the assessee, stating that a co-sharer is entitled to claim exemption under section 5(1)(iv) of the Wealth-tax Act for their share in immovable property. This decision was based on previous judgments from different High Courts and was further supported by a Supreme Court ruling in CWT v. T. S. Sundaram [1999] 237 ITR 61.