https://www.taxtmi.com/caselaws?id=184702 The High Court upheld the Tribunal's decision to strike down the property valuation for wealth tax assessment due to the failure to serve notice to the assessee, a partner in the firm owning the property. The Court emphasized the importance of notice for natural justice principles. Additionally, the Court affirmed that the assessee, as a partner, was entitled to claim exemption under section 5(1)(iv) of the Wealth Tax Act for their share in the partnership property, regardless of its residential or commercial use, as long as it belonged to the assessee. en-us Thu, 21 Mar 2002 00:00:00 +0530 Wed, 26 Jun 2019 18:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184702 The High Court upheld the Tribunal's decision to strike down the property valuation for wealth tax assessment due to the failure to serve notice to the assessee, a partner in the firm owning the property. The Court emphasized the importance of notice for natural justice principles. Additionally, the Court affirmed that the assessee, as a partner, was entitled to claim exemption under section 5(1)(iv) of the Wealth Tax Act for their share in the partnership property, regardless of its residential or commercial use, as long as it belonged to the assessee. Case-Laws Wealth-tax Thu, 21 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184702