https://www.taxtmi.com/caselaws?id=16268 The High Court upheld the assessee's claim for exemption under section 5(1)(iv) of the Wealth-tax Act, 1957, based on individual ownership of assets by partners of the firm. The court interpreted the term "house" broadly to include structures used for habitation or shelter, ruling in favor of the assessee on both issues raised. The decision affirmed the Tribunal's ruling and rejected the Revenue's arguments, emphasizing that partners, not the firm, are entitled to claim exemption under the Act. en-us Tue, 04 Nov 1997 00:00:00 +0530 Fri, 04 Sep 2009 18:05:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16268 The High Court upheld the assessee's claim for exemption under section 5(1)(iv) of the Wealth-tax Act, 1957, based on individual ownership of assets by partners of the firm. The court interpreted the term "house" broadly to include structures used for habitation or shelter, ruling in favor of the assessee on both issues raised. The decision affirmed the Tribunal's ruling and rejected the Revenue's arguments, emphasizing that partners, not the firm, are entitled to claim exemption under the Act. Case-Laws Wealth-tax Tue, 04 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16268