1998 (10) TMI 24 - HC - Wealth-tax

Summary

The Madras High Court ruled that partners in a firm can claim exemption under section 5(1)(iv) of the Wealth-tax Act for assets owned by the firm. The court held that partners should benefit from the exemption based on their individual assessments and respective shares in the firm's net wealth. The judgment favored the assessee, following a similar precedent in R. Venkatavaradha Reddiar v. CWT [1995] 214 ITR 76.