1982 (9) TMI 122

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.... to 1977-78. 2. The main controversy is whether the partner is entitled to an exemption u/s 5(1)(iv) of the WT Act on the property held by the firm. The WTO disallowed the claim of the assessee following the decision of the Madras High Court in the case of Purushottam Das Gokuldas vs. CWT 1976 CTR (Mad) 36 : (1976) 104 ITR 608 (Mad) on the reasoning that exemption u/s 5(1) (iv) cannot be allowe....

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....m Das Gokuldas vs. CIT and the subsequent decision of the same High Court in the case of CIT Madras vs. K Saraswathi Ammal & Ors, (1981) 127 ITR 404 (Mad) and that of the Hon'ble Supreme Court in the case of Addaki Narayanappa vs. Bhaskara Krishnappa AIR 1966 SC 1300 and that of the Karnataka High Court in the case of CWT vs. Mrs. Christine Cardoza (1978) 114 ITR 532 (Kar) and that of the Orissa H....