https://www.taxtmi.com/caselaws?id=18987 The High Court held that assets owned by a partnership firm are jointly owned by the partners, and a firm is not a separate entity from its partners. The Court emphasized the distinction between net assets and net wealth, ruling that the assessee was entitled to relief under section 5(1) for his share in bank deposits and house property owned by the firm for computing net wealth under the Wealth-tax Act. The Court upheld the Tribunal's decision to exclude these assets from the computation of the assessee's interest in the partnership firm for wealth-tax purposes, ruling in favor of the assessee against the Revenue. en-us Fri, 02 Sep 1994 00:00:00 +0530 Tue, 03 Nov 2009 12:17:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18987 The High Court held that assets owned by a partnership firm are jointly owned by the partners, and a firm is not a separate entity from its partners. The Court emphasized the distinction between net assets and net wealth, ruling that the assessee was entitled to relief under section 5(1) for his share in bank deposits and house property owned by the firm for computing net wealth under the Wealth-tax Act. The Court upheld the Tribunal's decision to exclude these assets from the computation of the assessee's interest in the partnership firm for wealth-tax purposes, ruling in favor of the assessee against the Revenue. Case-Laws Wealth-tax Fri, 02 Sep 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18987