https://www.taxtmi.com/caselaws?id=20878 The court held that partners in a firm have specific interests in firm assets, allowing them to claim exemption under section 5(1)(iv) of the Wealth-tax Act for house property owned by the firm. Despite initial denials by the Revenue and the appellate authority, the Tribunal granted the exemption to the assessees based on legal precedents and the nature of firm ownership. The court disagreed with a Madras High Court decision, affirming the assessees' entitlement to the exemption. The questions of law were answered in favor of the assessees, and the references were disposed of without costs. en-us Mon, 31 Aug 1992 00:00:00 +0530 Tue, 17 Nov 2009 17:25:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20878 The court held that partners in a firm have specific interests in firm assets, allowing them to claim exemption under section 5(1)(iv) of the Wealth-tax Act for house property owned by the firm. Despite initial denials by the Revenue and the appellate authority, the Tribunal granted the exemption to the assessees based on legal precedents and the nature of firm ownership. The court disagreed with a Madras High Court decision, affirming the assessees' entitlement to the exemption. The questions of law were answered in favor of the assessees, and the references were disposed of without costs. Case-Laws Wealth-tax Mon, 31 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20878