https://www.taxtmi.com/caselaws?id=15893 The court ruled in favor of the assessees, partners in a partnership firm, allowing them exemption under section 5(1)(iv) of the Wealth-tax Act for their shares in the firm's property. The Tribunal held that partners have distinct interests in the firm's assets, separate from their partnership interests, and that the property is collectively owned by all partners. The decision aligned with previous judgments, affirming partners' rights to claim deductions for their interests in partnership properties. en-us Mon, 16 Mar 1998 00:00:00 +0530 Sat, 29 Aug 2009 16:56:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15893 The court ruled in favor of the assessees, partners in a partnership firm, allowing them exemption under section 5(1)(iv) of the Wealth-tax Act for their shares in the firm's property. The Tribunal held that partners have distinct interests in the firm's assets, separate from their partnership interests, and that the property is collectively owned by all partners. The decision aligned with previous judgments, affirming partners' rights to claim deductions for their interests in partnership properties. Case-Laws Wealth-tax Mon, 16 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15893