https://www.taxtmi.com/caselaws?id=17904 The High Court ruled that the assessee was not entitled to exemption under section 5(1)(iv) of the Wealth-tax Act for a factory land and building collectively owned by partners. The Court upheld the decision denying the exemption, emphasizing that it could be granted to the firm as a whole, not to individual partners collectively owning the property. The judgment favored the Revenue and dismissed the assessee's claim for exemption. en-us Tue, 28 Nov 1995 00:00:00 +0530 Fri, 25 Sep 2009 15:23:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17904 The High Court ruled that the assessee was not entitled to exemption under section 5(1)(iv) of the Wealth-tax Act for a factory land and building collectively owned by partners. The Court upheld the decision denying the exemption, emphasizing that it could be granted to the firm as a whole, not to individual partners collectively owning the property. The judgment favored the Revenue and dismissed the assessee's claim for exemption. Case-Laws Wealth-tax Tue, 28 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17904