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The ITAT CALCUTTA-C judgment relates to wealth-tax appeals for asst. yrs. 1976-77 and 1977-78. The assessee, a beneficiary in a private trust with 18% interest in four house properties, claimed exemption under s. 5(1)(iv) of the WT Act. The Tribunal held in favor of the assessee, allowing exemption up to Rs. 1 lakh. The departmental appeals were dismissed.
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