https://www.taxtmi.com/caselaws?id=70211 The Tribunal allowed the appeals of the partners in a firm, directing the Wealth Tax Officer to revise the assessments to grant each partner an exemption of Rs. 1,50,000 for agricultural lands owned by them within the meaning of Sec. 5(1)(iva) of the Wealth Tax Act. The Tribunal held that agricultural land, though owned by the firm, could still be considered belonging to the partners, contrary to the Departmental Representative's argument based on a Madras High Court judgment. en-us Sat, 31 Jan 1981 00:00:00 +0530 Thu, 14 Apr 2011 18:36:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70211 The Tribunal allowed the appeals of the partners in a firm, directing the Wealth Tax Officer to revise the assessments to grant each partner an exemption of Rs. 1,50,000 for agricultural lands owned by them within the meaning of Sec. 5(1)(iva) of the Wealth Tax Act. The Tribunal held that agricultural land, though owned by the firm, could still be considered belonging to the partners, contrary to the Departmental Representative's argument based on a Madras High Court judgment. Case-Laws Wealth-tax Sat, 31 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70211