1997 (11) TMI 19

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....BRAMANIAN J.--The assessee is a partner of a firm. The firm owned certain assets eligible for exemption under section 5(1A) of the Wealth-tax Act, 1957. In the wealth-tax assessment of the assessee for the year 1976-77, the Wealth-tax Officer valued the agricultural lands owned by the firm in which the assessee is a partner, but did not grant exemption under section 5(1)(iva) of the Wealth-tax Act....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e firm only in computing the deemed net wealth of the firm in terms of rule 2 of the Wealth-tax Rules and not in the hands of each individual partner?" We are of the opinion that the reference to section 5(1A) in the question is a typographical mistake as the claim of the assessee in the wealth-tax proceedings was that he is entitled to exemption under section 5(1)(iva) of the Wealth-tax Act. S....