1982 (12) TMI 85 - AT - Wealth-tax

Summary

The appeal was filed against the order of the AAC for the assessment year 1979-80 regarding exemption u/s 5(1)(iva) of the WT Act for agricultural lands owned by a firm in which the assessee was a partner. The Appellate Tribunal allowed the deduction of Rs. 1,22,883 for the value of the agricultural lands, citing conflicting High Court decisions and the golden rule favoring the assessee. The appeal was allowed, and the WTO was directed to recompute the wealth of the assessee.