https://www.taxtmi.com/caselaws?id=63348 The Tribunal dismissed the appeals, upholding the orders of the AAC, as it concluded that the maximum allowable exemption under Section 5(1)(iv) had already been granted to the partners. The Tribunal held that while computing the net wealth of the firm, exemptions should be considered, but only if the statutory limit has not been exceeded for the partners. It emphasized that exceeding the statutory limit would contravene the law's specific provisions, affirming that no rule could supersede the statute. en-us Sat, 30 Aug 1986 00:00:00 +0530 Sat, 29 Jan 2011 15:06:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63348 The Tribunal dismissed the appeals, upholding the orders of the AAC, as it concluded that the maximum allowable exemption under Section 5(1)(iv) had already been granted to the partners. The Tribunal held that while computing the net wealth of the firm, exemptions should be considered, but only if the statutory limit has not been exceeded for the partners. It emphasized that exceeding the statutory limit would contravene the law's specific provisions, affirming that no rule could supersede the statute. Case-Laws Wealth-tax Sat, 30 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63348