1978 (12) TMI 95 - AT - Wealth-tax

Summary

The judgment by Appellate Tribunal ITAT MADRAS-A stated that exemption from wealth-tax under s. 5(1)(iv) of the WT Act, 1957 is available for buildings used for business purposes, not just dwelling houses. The appellant's claim for exemption for a shed used as a godown was granted based on this interpretation. The appeals were allowed.