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of <h1>Tax Exemption Granted: Partner's Share in Firm's Property Recognized as Personal Asset Under Wealth Tax Rules.</h1> <h3>Commissioner of Wealth-tax Versus Umesh Kumar</h3> The HC ruled in favor of the assessee, granting exemption under section 5(1)(iv) for his share in the partnership firm's property. The court highlighted ... - The High Court ruled in favor of the assessee, holding that he was entitled to exemption under section 5(1)(iv) for his share in the property of the partnership firm. The court emphasized that a partner has a specific interest in the assets of the firm and that the property of the firm is essentially the property of its partners. The decision was supported by precedents and the Wealth Tax Rules.
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