https://www.taxtmi.com/caselaws?id=26206 The High Court of Madras ruled against allowing exemption under section 5(1)(iv) of the Wealth-tax Act for individual partners based on mere book entries. The court emphasized the necessity of registered instruments for property transfers within a firm, setting a legal precedent for future cases. The court's decision favored the Revenue, rejecting the validity of property transfer solely through book entries and highlighting the importance of complying with legal requirements for property ownership and transfer. en-us Tue, 13 Mar 1984 00:00:00 +0530 Wed, 03 Feb 2010 13:58:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26206 The High Court of Madras ruled against allowing exemption under section 5(1)(iv) of the Wealth-tax Act for individual partners based on mere book entries. The court emphasized the necessity of registered instruments for property transfers within a firm, setting a legal precedent for future cases. The court's decision favored the Revenue, rejecting the validity of property transfer solely through book entries and highlighting the importance of complying with legal requirements for property ownership and transfer. Case-Laws Wealth-tax Tue, 13 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26206