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<h1>Court Grants Exemption for Partner's Share in Firm's Property Under Wealth Tax Act, Recognizing Partnership Structure.</h1> The HC ruled in favor of the assessee, granting exemption for his share in the partnership firm's property under section 5(1)(iv) of the Wealth Tax Act. ... - The High Court ruled in favor of the assessee, allowing exemption for his share in the property of the partnership firm under section 5(1)(iv) of the Wealth Tax Act. The Court held that since a firm has no legal existence, the property of the firm belongs to its partners, entitling the assessee to claim the exemption. The decision was based on previous rulings and principles of English jurisprudence.
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