1976 (3) TMI 85 - AT - Wealth-tax

Summary

The appellant, a partner in a firm, contested the addition of Rs. 71,800 to his net wealth by the WTO for his share interest in the firm's house properties. The appellant claimed exemption under s. 5(1)(iv) of the Wealth Tax Act, which was upheld by the Tribunal, allowing exemption to the extent of Rs. 20,000. The appeals were partly allowed. (Case Citation: 1976 (3) TMI 85 - ITAT HYDERABAD-A)