https://www.taxtmi.com/caselaws?id=67849 Exemption under section 5(1)(iva) of the Wealth-tax Act was considered for an assessee's share in agricultural lands owned by a firm in which he was a partner. The lands were part of the assets of a firm engaged in agricultural activities, and there was conflicting judicial opinion on whether a partner could claim the exemption for his proportionate interest. Applying the interpretation favourable to the assessee where High Court views diverged, the exemption was held admissible to the extent of the value of the assessee's share in the agricultural lands. en-us Sat, 04 Dec 1982 00:00:00 +0530 Tue, 15 Mar 2011 10:26:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67849 Exemption under section 5(1)(iva) of the Wealth-tax Act was considered for an assessee's share in agricultural lands owned by a firm in which he was a partner. The lands were part of the assets of a firm engaged in agricultural activities, and there was conflicting judicial opinion on whether a partner could claim the exemption for his proportionate interest. Applying the interpretation favourable to the assessee where High Court views diverged, the exemption was held admissible to the extent of the value of the assessee's share in the agricultural lands. Case-Laws Wealth-tax Sat, 04 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67849