1976 (7) TMI 81 - AT - Wealth-tax

Summary

The appeal related to the claim of exemption under s. 5(1)(iv) of the WT Act, 1957 for shops held by the assessee in Amritsar. The AAC rejected the claim on the ground that the shops were not meant for residential use. However, the ITAT held that the shops could be treated as a house based on the definition in Webster's dictionary and granted the exemption as the amended clause did not require residential use. The appeal was allowed.