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The High Court of Madras ruled that exemption under section 5(1)(iv) of the Wealth-tax Act can be granted for a partner's share in a commercial building like a hotel. The court upheld the Tribunal's decision based on previous rulings, stating that the term "house" is not limited to residential structures. The court also affirmed that partners are entitled to exemption even if the property is owned by the firm. The tax case petitions were dismissed with no costs.
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