https://www.taxtmi.com/caselaws?id=27306 The court ruled in favor of the assessee, holding that the partner was entitled to exemption under section 5(1)(iv) of the Wealth-tax Act for a house property used exclusively for residential purposes, even though it was owned by the partnership. The court emphasized that the property was jointly owned by the partners, and the exemption should be considered when valuing the partner's interest in the firm. The decision favored the assessee, with each party bearing its own costs. en-us Mon, 20 Jun 1983 00:00:00 +0530 Fri, 12 Feb 2010 10:45:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27306 The court ruled in favor of the assessee, holding that the partner was entitled to exemption under section 5(1)(iv) of the Wealth-tax Act for a house property used exclusively for residential purposes, even though it was owned by the partnership. The court emphasized that the property was jointly owned by the partners, and the exemption should be considered when valuing the partner's interest in the firm. The decision favored the assessee, with each party bearing its own costs. Case-Laws Wealth-tax Mon, 20 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27306