https://www.taxtmi.com/caselaws?id=15626 Exemption for agricultural land in a partnership context was held to apply to each partner only to the extent of his share in the firm's net wealth. The court treated the reference to section 5(1A) as a typographical error, since the claim properly arose under section 5(1)(iva) of the Wealth-tax Act, 1957. Applying the earlier principle governing partners' exemption in partnership wealth, the same rule was extended to the agricultural land exemption. The partner was therefore entitled to exemption proportionate to his share, and the question was answered against the Department. en-us Mon, 24 Nov 1997 00:00:00 +0530 Wed, 26 Aug 2009 13:54:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15626 Exemption for agricultural land in a partnership context was held to apply to each partner only to the extent of his share in the firm's net wealth. The court treated the reference to section 5(1A) as a typographical error, since the claim properly arose under section 5(1)(iva) of the Wealth-tax Act, 1957. Applying the earlier principle governing partners' exemption in partnership wealth, the same rule was extended to the agricultural land exemption. The partner was therefore entitled to exemption proportionate to his share, and the question was answered against the Department. Case-Laws Wealth-tax Mon, 24 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15626