https://www.taxtmi.com/caselaws?id=70565 The Tribunal allowed the appeal by the Revenue challenging exemptions granted to the assessee under Sections 5(1)(iv)(a) and 5(1)(xxvi) of the Wealth Tax Act, 1957, for agricultural lands and fixed deposits held by a partnership firm. It held that exemptions should benefit the individual partner, not the firm, as the firm is not an assessee for Wealth Tax purposes. The Tribunal directed the Wealth Tax Officer to reassess the taxable net wealth of the assessee by determining the firm's net wealth, allocating it among partners, computing individual partners' net wealth, and applying exemptions accordingly. en-us Tue, 25 Sep 1979 00:00:00 +0530 Mon, 18 Apr 2011 10:08:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70565 The Tribunal allowed the appeal by the Revenue challenging exemptions granted to the assessee under Sections 5(1)(iv)(a) and 5(1)(xxvi) of the Wealth Tax Act, 1957, for agricultural lands and fixed deposits held by a partnership firm. It held that exemptions should benefit the individual partner, not the firm, as the firm is not an assessee for Wealth Tax purposes. The Tribunal directed the Wealth Tax Officer to reassess the taxable net wealth of the assessee by determining the firm's net wealth, allocating it among partners, computing individual partners' net wealth, and applying exemptions accordingly. Case-Laws Wealth-tax Tue, 25 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70565