1989 (6) TMI 8 - HC - Wealth-tax

Summary

The High Court of Calcutta ruled in favor of the assessee, allowing exemption under section 5(1)(iv) in a reassessment proceeding. The court held that the assessee can claim exemptions in reassessment even if not claimed initially. The decision was supported by previous court rulings. The Tribunal's decision was upheld, and the question was answered in favor of the assessee.