https://www.taxtmi.com/caselaws?id=71411 The Tribunal allowed the appeals by the assessees, directing the deduction under section 5(1)(iv) of the Wealth-tax Act to be considered in the hands of individual partners, overturning the disallowance by the WTO and AAC. The revenue's appeal was dismissed, upholding the AAC's decision. The Tribunal's ruling emphasized partners' entitlement to the deduction in their individual capacity, based on statutory provisions and precedents, resolving the conflict on whether the exemption should apply in computing the net wealth of the firm or in the partners' hands. en-us Mon, 08 Apr 1985 00:00:00 +0530 Sat, 23 Apr 2011 12:43:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71411 The Tribunal allowed the appeals by the assessees, directing the deduction under section 5(1)(iv) of the Wealth-tax Act to be considered in the hands of individual partners, overturning the disallowance by the WTO and AAC. The revenue's appeal was dismissed, upholding the AAC's decision. The Tribunal's ruling emphasized partners' entitlement to the deduction in their individual capacity, based on statutory provisions and precedents, resolving the conflict on whether the exemption should apply in computing the net wealth of the firm or in the partners' hands. Case-Laws Wealth-tax Mon, 08 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71411