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1989 (7) TMI 15 - HC - Wealth-tax

1999 (11) TMI 106 - AT

The High Court of Calcutta ruled that exemption under section 5(1)(xxiii) should not be deducted from the net wealth of a firm but considered in individual assessments of partners. The Tribunal's decision was overturned in favor of the Revenue. (Case citation: 1989 (7) TMI 15 - CALCUTTA High Court)

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