https://www.taxtmi.com/caselaws?id=19603 The High Court clarified that the exemption under section 5(1)(iv) of the Wealth-tax Act applies to individual partners in determining their share of interest in firm property. The court emphasized that wealth-tax is payable only by individuals, Hindu undivided families, and companies, not by firms, and therefore, the exemption must be calculated in the hands of individual partners, not the firm itself. The court referenced relevant provisions and decisions to support its conclusion, ultimately ruling in favor of the assessee and directing that the exemption be allowed in the hands of the individual partner. en-us Thu, 31 Mar 1994 00:00:00 +0530 Sat, 07 Nov 2009 12:31:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19603 The High Court clarified that the exemption under section 5(1)(iv) of the Wealth-tax Act applies to individual partners in determining their share of interest in firm property. The court emphasized that wealth-tax is payable only by individuals, Hindu undivided families, and companies, not by firms, and therefore, the exemption must be calculated in the hands of individual partners, not the firm itself. The court referenced relevant provisions and decisions to support its conclusion, ultimately ruling in favor of the assessee and directing that the exemption be allowed in the hands of the individual partner. Case-Laws Wealth-tax Thu, 31 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19603