Partner's interest in firm-owned immovable property qualified for wealth-tax exemption under settled Tribunal consistency.

A partner's interest in immovable property owned by a firm was treated as eligible for exemption under section 5(1)(iv) of the Wealth-tax Act, 1957. The lower authorities had denied relief because the property stood in the firm's name rather than the individual partner's name, but the Tribunal followed its earlier decision on similar facts and stressed judicial propriety and discipline. On that basis, it adopted the same view as in comparable cases and accepted the exemption claim in respect of the partner's interest in the firm-owned property.

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Issues: Whether the assessee, as a partner in a firm owning immovable property, was entitled to exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 in respect of his interest in such property.

Analysis: The assessee's claim for exemption was rejected by the lower authorities on the footing that the immovable property stood in the name of the firm and not in the individual name of the partner. The Tribunal followed its earlier decision on similar facts and emphasised judicial propriety and discipline, holding that consistency required adoption of the view already taken in comparable cases.

Conclusion: The assessee was entitled to exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 in respect of his interest in the immovable property owned by the firm.

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