https://www.taxtmi.com/caselaws?id=18674 The High Court held that deductions under section 5(1)(iv) of the Wealth-tax Act should be allowed to individual partners based on their respective shares in the firm's properties. The court found that previous decisions supported this interpretation, emphasizing that properties owned by a firm belong to the partners, not the firm itself. The court ruled in favor of the assessee, directing the matter to be reconsidered by the Wealth-tax Officer for proper computation of net wealth. en-us Mon, 25 Apr 1994 00:00:00 +0530 Sat, 31 Oct 2009 12:40:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18674 The High Court held that deductions under section 5(1)(iv) of the Wealth-tax Act should be allowed to individual partners based on their respective shares in the firm's properties. The court found that previous decisions supported this interpretation, emphasizing that properties owned by a firm belong to the partners, not the firm itself. The court ruled in favor of the assessee, directing the matter to be reconsidered by the Wealth-tax Officer for proper computation of net wealth. Case-Laws Wealth-tax Mon, 25 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18674