Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

Home Case Index All Cases Wealth-tax Wealth-tax + HC Wealth-tax - 1997 (11) TMI HC This

  • Login
  • Summary

Forgot password       New User/ Regiser

⇒ Register to get Live Demo



 

1997 (11) TMI 19 - HC - Wealth-tax

The High Court of Madras ruled that partners are entitled to exemption under section 5(1)(iva) of the Wealth-tax Act for assets owned by the firm. Individual partners can claim exemption based on their share in the net wealth of the partnership firm. The court referred to a previous decision supporting this interpretation. The Department's appeal was dismissed, and the decision favored the assessee.

 

 

 

 

Quick Updates:Latest Updates