1996 (12) TMI 1

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..... 5 ITR 453, 455) : " Whether, in the facts and circumstances of the case, the net wealth of the Hyderabad Race Club is exempt from wealth-tax under section 5(1)(i) of the Wealth-tax Act, 1957 ? " Section 5(1)(i) at the relevant time, and in so far as it is relevant for the present purposes reads as follows : " 5. (1) Subject to the provisions of sub-section (1A), the wealth-tax shall not be paya .....

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