https://www.taxtmi.com/caselaws?id=60204 The judgment addresses a dispute over partners' claim for deduction under s. 4(1)(iv) of the WT Act for owning house property through a firm. The court held that partners cannot claim exemption for property owned by the firm, emphasizing that deductions applicable to individual assesses should be granted to the firm first. Partners' interest in a firm should be based on the total assets of the firm, not just the capital invested by the partner. Conflicting decisions by different High Courts and Tribunals on partners' entitlement to deductions were clarified, with the court determining that partners' interests in firms should be computed as per the rules prescribed under the WT Act. en-us Wed, 16 May 1984 00:00:00 +0530 Tue, 04 Jan 2011 12:24:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60204 The judgment addresses a dispute over partners' claim for deduction under s. 4(1)(iv) of the WT Act for owning house property through a firm. The court held that partners cannot claim exemption for property owned by the firm, emphasizing that deductions applicable to individual assesses should be granted to the firm first. Partners' interest in a firm should be based on the total assets of the firm, not just the capital invested by the partner. Conflicting decisions by different High Courts and Tribunals on partners' entitlement to deductions were clarified, with the court determining that partners' interests in firms should be computed as per the rules prescribed under the WT Act. Case-Laws Wealth-tax Wed, 16 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60204