https://www.taxtmi.com/caselaws?id=200058 The Appellate Tribunal allowed the deduction of Rs. 91,400 for exempted assets held by a firm in which the assessee was a partner in computing his net wealth. The Tribunal held that the exemption could be available to the assessee regardless of whether the assets were held in his name or as his share in the firm. It emphasized that a firm is not an assessable entity under the Act and rejected the argument of double exemption, stating that the same benefit cannot be extended twice. The assessee was awarded costs of the reference, including a hearing fee of Rs. 100. en-us Thu, 18 Aug 1977 00:00:00 +0530 Mon, 19 Mar 2018 11:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200058 The Appellate Tribunal allowed the deduction of Rs. 91,400 for exempted assets held by a firm in which the assessee was a partner in computing his net wealth. The Tribunal held that the exemption could be available to the assessee regardless of whether the assets were held in his name or as his share in the firm. It emphasized that a firm is not an assessable entity under the Act and rejected the argument of double exemption, stating that the same benefit cannot be extended twice. The assessee was awarded costs of the reference, including a hearing fee of Rs. 100. Case-Laws Wealth-tax Thu, 18 Aug 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200058