https://www.taxtmi.com/caselaws?id=22415 The High Court of Himachal Pradesh ruled in favor of the partners, affirming their entitlement to exemptions under sections 5(1)(xvi) and 5(1)(xxvi) of the Wealth-tax Act for their respective shares in the firm's assets. The court clarified that exemptions apply to individual partners, not the firm as a separate entity, as the net wealth of a firm is allocated to partners. The decision emphasized that partners are considered assessees for the purpose of exemptions, leading to the partners being granted the exemptions in question. en-us Wed, 24 Oct 1990 00:00:00 +0530 Wed, 09 Dec 2009 18:47:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22415 The High Court of Himachal Pradesh ruled in favor of the partners, affirming their entitlement to exemptions under sections 5(1)(xvi) and 5(1)(xxvi) of the Wealth-tax Act for their respective shares in the firm's assets. The court clarified that exemptions apply to individual partners, not the firm as a separate entity, as the net wealth of a firm is allocated to partners. The decision emphasized that partners are considered assessees for the purpose of exemptions, leading to the partners being granted the exemptions in question. Case-Laws Wealth-tax Wed, 24 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22415