1976 (7) TMI 81

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..... shops situated in Amritsar. The value of his share came to Rs. 14,240 which was included in his wealth. The WTO denied the exemption claimed under s. 5(1)(iv) of the Act on the ground that the property was not a residential one. 2. The assessee appealed to the AAC. It was contended before him that the exemption allowable was about one house or part of the house belonging to the assessee and that .....

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..... Finance No. (2) Act of 1971 it related only to one house or part of a house belonging to the assessee and exclusively used by him for residential purposes. The above Act deleted the words "exclusively used by him for residential purposes". The clause which now stands does not require that the house should be used for the residential purposes". The clause which now stands does not require that the .....

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