https://www.taxtmi.com/caselaws?id=22262 A valid reassessment under the Wealth-tax Act opens the assessment afresh, allowing the assessee to claim lawful exemptions and reliefs even if they were not claimed in the original assessment. On that basis, exemption under section 5(1)(iv) was available in the reassessment proceedings. The document also notes that, on the facts found and in light of binding precedent, a partner could claim the exemption in her individual wealth-tax assessment in respect of a flat owned by the firm, and the Tribunal was justified in applying section 5(1)(iv). en-us Tue, 13 Jun 1989 00:00:00 +0530 Tue, 08 Dec 2009 15:24:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22262 A valid reassessment under the Wealth-tax Act opens the assessment afresh, allowing the assessee to claim lawful exemptions and reliefs even if they were not claimed in the original assessment. On that basis, exemption under section 5(1)(iv) was available in the reassessment proceedings. The document also notes that, on the facts found and in light of binding precedent, a partner could claim the exemption in her individual wealth-tax assessment in respect of a flat owned by the firm, and the Tribunal was justified in applying section 5(1)(iv). Case-Laws Wealth-tax Tue, 13 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22262