1982 (12) TMI 85

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....en in this appeal is that the ld. AAC was not justified in not allowing exemption u/s 5(1)(iva) of the WT Act in respect of agricultural lands owned by the firm in which the assessee was a partner. The assessee is a partner in the firm M/s Sirehmal Moolchand Thanwala, which is engaged in agricultural activities. The assets of the firm included immovable property in the shape of agricultural lands ....

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.... view of the decision of the Andhra Pradesh High Court reported as CWT vs. Narendra Ranjalker (1981) 129 ITR 203 (AP). It is a common ground between the parties that there is a conflict of opinions on the subject between the various High Courts. The golden rule is that in such situation the view favourable to the assessee should be followed. Kindly see CIT vs. Vegetable Products Ltd. (1973) 88 ITR....