https://www.taxtmi.com/caselaws?id=36212 The High Court held that the net wealth of the firm should be computed by excluding bank deposits under Section 5(1)(xxvi) up to Rs. 1,50,000, and the individual partner's share should be ascertained accordingly. The individual partner is not entitled to a further exemption under Section 5(1)(xxvi) for his share in the firm's bank deposits. Applications in W.T.C. Nos. 2 and 7/79 were dismissed, clarifying that the assessee could claim a separate deduction for bank deposits held individually, not through the firm. en-us Mon, 31 Mar 1980 00:00:00 +0530 Sat, 20 Mar 2010 11:00:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36212 The High Court held that the net wealth of the firm should be computed by excluding bank deposits under Section 5(1)(xxvi) up to Rs. 1,50,000, and the individual partner's share should be ascertained accordingly. The individual partner is not entitled to a further exemption under Section 5(1)(xxvi) for his share in the firm's bank deposits. Applications in W.T.C. Nos. 2 and 7/79 were dismissed, clarifying that the assessee could claim a separate deduction for bank deposits held individually, not through the firm. Case-Laws Wealth-tax Mon, 31 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36212