1997 (11) TMI 551 - HC - Income Tax

Summary

The High Court ruled in favor of the assessee, allowing exemption for his share in the property of the partnership firm under section 5(1)(iv) of the Wealth Tax Act. The Court held that since a firm has no legal existence, the property of the firm belongs to its partners, entitling the assessee to claim the exemption. The decision was based on previous rulings and principles of English jurisprudence.