https://www.taxtmi.com/caselaws?id=19924 The High Court held that exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 must be worked out in the hands of individual members of an association of persons, not the association itself. Assets specified in section 5(1) are excluded from the net wealth of individual assessees, not the association. The Court emphasized that an association of persons does not have a legal personality, and property belongs to the members based on their respective shares. The decision was in line with the precedent set in N. R. Karia [1985] 13 ITD 545, leading to the Tribunal rightfully setting aside previous orders and directing fresh disposal, ultimately ruling in favor of the assessee. en-us Wed, 16 Mar 1994 00:00:00 +0530 Tue, 10 Nov 2009 16:32:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19924 The High Court held that exemption under section 5(1)(iv) of the Wealth-tax Act, 1957 must be worked out in the hands of individual members of an association of persons, not the association itself. Assets specified in section 5(1) are excluded from the net wealth of individual assessees, not the association. The Court emphasized that an association of persons does not have a legal personality, and property belongs to the members based on their respective shares. The decision was in line with the precedent set in N. R. Karia [1985] 13 ITD 545, leading to the Tribunal rightfully setting aside previous orders and directing fresh disposal, ultimately ruling in favor of the assessee. Case-Laws Wealth-tax Wed, 16 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19924