https://www.taxtmi.com/caselaws?id=21460 Partners in a firm are entitled to claim exemption under section 5(1)(iv) of the Wealth-tax Act, 1957, for their share in the property owned by the firm. The High Court affirmed the Tribunal's decision, holding that partners can avail exemptions in their individual assessments. The Wealth-tax Officer's assessment allowing the exemption was deemed correct, and the Commissioner of Wealth-tax's order setting it aside was invalidated. en-us Fri, 06 Dec 1991 00:00:00 +0530 Tue, 24 Nov 2009 15:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21460 Partners in a firm are entitled to claim exemption under section 5(1)(iv) of the Wealth-tax Act, 1957, for their share in the property owned by the firm. The High Court affirmed the Tribunal's decision, holding that partners can avail exemptions in their individual assessments. The Wealth-tax Officer's assessment allowing the exemption was deemed correct, and the Commissioner of Wealth-tax's order setting it aside was invalidated. Case-Laws Wealth-tax Fri, 06 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21460