https://www.taxtmi.com/caselaws?id=18881 The High Court held that the Hindu undivided family (HUF) was entitled to exemption under section 5(1)(iv) of the Wealth-tax Act for its share in the properties of an association of persons. The Court emphasized determining the value of the interest first before applying the exemption. It disagreed with a previous decision regarding partner exemptions, stating the Wealth-tax Act governs partner interests. Criticizing Revenue inconsistency, the Court affirmed the HUF's entitlement to exemption. The Court ruled in favor of the assessee, allowing the exemption under section 5(1)(iv) without costs. en-us Wed, 07 Dec 1994 00:00:00 +0530 Mon, 02 Nov 2009 15:40:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18881 The High Court held that the Hindu undivided family (HUF) was entitled to exemption under section 5(1)(iv) of the Wealth-tax Act for its share in the properties of an association of persons. The Court emphasized determining the value of the interest first before applying the exemption. It disagreed with a previous decision regarding partner exemptions, stating the Wealth-tax Act governs partner interests. Criticizing Revenue inconsistency, the Court affirmed the HUF's entitlement to exemption. The Court ruled in favor of the assessee, allowing the exemption under section 5(1)(iv) without costs. Case-Laws Wealth-tax Wed, 07 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18881