https://www.taxtmi.com/caselaws?id=24159 The court held that an assessee-partner is entitled to exemption under section 5(1)(iva) of the Wealth-tax Act for her share in the agricultural properties of the firm. The court clarified that the exemption applies to the assessee, not the firm, as a partnership firm is not an assessee under the Act. Relying on precedents and judicial interpretations, the court ruled in favor of the assessee, emphasizing that partners are entitled to exemptions for their shares in firm-owned assets. The judgment favored the assessee-partner and directed a copy to be sent to the Appellate Tribunal, Cochin Bench. en-us Thu, 20 Jul 1989 00:00:00 +0530 Mon, 18 Jan 2010 11:01:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24159 The court held that an assessee-partner is entitled to exemption under section 5(1)(iva) of the Wealth-tax Act for her share in the agricultural properties of the firm. The court clarified that the exemption applies to the assessee, not the firm, as a partnership firm is not an assessee under the Act. Relying on precedents and judicial interpretations, the court ruled in favor of the assessee, emphasizing that partners are entitled to exemptions for their shares in firm-owned assets. The judgment favored the assessee-partner and directed a copy to be sent to the Appellate Tribunal, Cochin Bench. Case-Laws Wealth-tax Thu, 20 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24159