1989 (9) TMI 97 - HC - Wealth-tax

Summary

The judgment governs the disposal of Miscellaneous Civil Cases Nos. 524 and 525 of 1984. The question of law was about the exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 for a cinema building owned by a firm in which the assessee had a share. The High Court ruled in favor of the assessee, stating that exemption should be allowed even for a commercial house owned by an assessee. The Tribunal was not justified in refusing the exemption. The answer to the question is in the negative and in favor of the assessee.