1982 (9) TMI 122 - AT - Wealth-tax

Summary

The appeals by the revenue concern exemption u/s 5(1)(iv) of the WT Act for property held by a firm. The AAC allowed the claim, citing relevant court decisions. The ITAT Delhi-E upheld the AAC's decision based on various court precedents. The revenue's objection regarding the nature of the property was dismissed, as per a CBDT circular. The appeals of the revenue were dismissed. (Case: Appellate Tribunal ITAT DELHI-E, Citation: 1982 (9) TMI 122 - ITAT DELHI-E)