https://www.taxtmi.com/caselaws?id=17396 The High Court held that the individual partner should receive the exemption under section 5(1)(iv) of the Act, not the firm. The Court disagreed with the Tribunal's decision and directed a reassessment of the exemption for the individual partner, limiting it to the prescribed amount under section 5(1A) of the Act. The Court emphasized that partners, not the firm, should benefit from the exemption, overturning the Tribunal's decision and returning the case with directions to determine the individual partner's exemption from all sources under section 5(1) in accordance with the law. en-us Mon, 07 Oct 1996 00:00:00 +0530 Tue, 22 Sep 2009 12:01:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17396 The High Court held that the individual partner should receive the exemption under section 5(1)(iv) of the Act, not the firm. The Court disagreed with the Tribunal's decision and directed a reassessment of the exemption for the individual partner, limiting it to the prescribed amount under section 5(1A) of the Act. The Court emphasized that partners, not the firm, should benefit from the exemption, overturning the Tribunal's decision and returning the case with directions to determine the individual partner's exemption from all sources under section 5(1) in accordance with the law. Case-Laws Wealth-tax Mon, 07 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17396