https://www.taxtmi.com/caselaws?id=23940 The court ruled in favor of the assessee, affirming the entitlement to exemption under section 5(1)(iv) of the Wealth-tax Act and clarifying the method of deduction in wealth-tax assessment for partnership firms. The court concluded that a partner's interest in partnership assets, including immovable property, should be included in computing the partner's net wealth and cannot be considered movable property. Additionally, it emphasized that deductions should be allowed in the hands of individual partners, not the firm, highlighting the importance of correctly attributing assets and liabilities for wealth-tax computation purposes. en-us Wed, 31 May 1989 00:00:00 +0530 Fri, 15 Jan 2010 13:23:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23940 The court ruled in favor of the assessee, affirming the entitlement to exemption under section 5(1)(iv) of the Wealth-tax Act and clarifying the method of deduction in wealth-tax assessment for partnership firms. The court concluded that a partner's interest in partnership assets, including immovable property, should be included in computing the partner's net wealth and cannot be considered movable property. Additionally, it emphasized that deductions should be allowed in the hands of individual partners, not the firm, highlighting the importance of correctly attributing assets and liabilities for wealth-tax computation purposes. Case-Laws Wealth-tax Wed, 31 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23940