https://www.taxtmi.com/caselaws?id=37069 The court held that exemptions available to partners must be considered when determining the net wealth of a firm. It disagreed with a prior decision denying exemptions to partners for firm-owned assets. The court allowed the exemption under section 5(1)(iv) for determining the net wealth of the firm and the partners, as the house in question belonged to the partners and was used for residential purposes. The court ruled in favor of the assessee, granting the exemption and awarded costs and a hearing fee. en-us Fri, 31 Aug 1979 00:00:00 +0530 Fri, 26 Mar 2010 12:09:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37069 The court held that exemptions available to partners must be considered when determining the net wealth of a firm. It disagreed with a prior decision denying exemptions to partners for firm-owned assets. The court allowed the exemption under section 5(1)(iv) for determining the net wealth of the firm and the partners, as the house in question belonged to the partners and was used for residential purposes. The court ruled in favor of the assessee, granting the exemption and awarded costs and a hearing fee. Case-Laws Wealth-tax Fri, 31 Aug 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37069