https://www.taxtmi.com/caselaws?id=65669 The Appellate Tribunal ITAT Gauhati allowed the appeal in favor of the assessee, holding that exemption under section 5(1)(iv) of the Wealth Tax Act should be granted to individual members of an Association of Persons (AOP) and not to the AOP as a whole. The Tribunal directed the Wealth Tax Officer to modify the assessment, granting the claimed exemption of Rs. 54,459 in respect of the assessee's share in the property owned by the AOP. The decision emphasized the distinction between assessable entities and individual members for the purpose of exemptions under the Act. en-us Mon, 24 May 1976 00:00:00 +0530 Fri, 18 Feb 2011 12:35:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65669 The Appellate Tribunal ITAT Gauhati allowed the appeal in favor of the assessee, holding that exemption under section 5(1)(iv) of the Wealth Tax Act should be granted to individual members of an Association of Persons (AOP) and not to the AOP as a whole. The Tribunal directed the Wealth Tax Officer to modify the assessment, granting the claimed exemption of Rs. 54,459 in respect of the assessee's share in the property owned by the AOP. The decision emphasized the distinction between assessable entities and individual members for the purpose of exemptions under the Act. Case-Laws Wealth-tax Mon, 24 May 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65669