https://www.taxtmi.com/caselaws?id=25495 The court held that exemption under section 5(1)(iva) of the Wealth-tax Act should not be allowed for the partnership firm as it is not an assessee under the Act. However, the assessee is entitled to claim exemption for his share in the agricultural land held by the firm when determining his net wealth. The court ruled in favor of the Revenue regarding the exemption for the partnership firm but in favor of the assessee regarding his share in the agricultural land. No costs were awarded in this case. en-us Fri, 22 Aug 1986 00:00:00 +0530 Fri, 29 Jan 2010 10:50:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25495 The court held that exemption under section 5(1)(iva) of the Wealth-tax Act should not be allowed for the partnership firm as it is not an assessee under the Act. However, the assessee is entitled to claim exemption for his share in the agricultural land held by the firm when determining his net wealth. The court ruled in favor of the Revenue regarding the exemption for the partnership firm but in favor of the assessee regarding his share in the agricultural land. No costs were awarded in this case. Case-Laws Wealth-tax Fri, 22 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25495