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<h1>Partners' Current Account Balances Not Exempted as Undrawn Profits under Wealth-tax Act</h1> The High Court of Kerala held that current account balances of partners are treated as capital and not exempted as undrawn profits under the Wealth-tax ... Exemptions, Firm, Wealth Tax The High Court of Kerala held that current account balances of partners treated as capital, not exempted as undrawn profits under Wealth-tax Act. The judgment favored the Revenue against the assessee. Each party to bear respective costs.