https://www.taxtmi.com/caselaws?id=56768 The Tribunal dismissed the appeals, affirming the AAC's decision to allow the deduction under s. 5(1)(iv) of the Wealth Tax Act for the property held by the firm for tannery and residential purposes. The Tribunal held that exemptions available to partners should be considered in determining the firm's net wealth, in accordance with the principle favoring the assessee in tax law interpretation. The decision emphasized that partners in a partnership can claim interest in firm assets, supporting the collective ownership concept of the firm. en-us Tue, 04 Jun 1985 00:00:00 +0530 Mon, 06 Dec 2010 16:31:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56768 The Tribunal dismissed the appeals, affirming the AAC's decision to allow the deduction under s. 5(1)(iv) of the Wealth Tax Act for the property held by the firm for tannery and residential purposes. The Tribunal held that exemptions available to partners should be considered in determining the firm's net wealth, in accordance with the principle favoring the assessee in tax law interpretation. The decision emphasized that partners in a partnership can claim interest in firm assets, supporting the collective ownership concept of the firm. Case-Laws Wealth-tax Tue, 04 Jun 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56768