1998 (7) TMI 9

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..... tion 5(1)(iv) of the Wealth-tax Act, 1957, cannot be granted in respect of the share of the partner in a building owned by the firm. The building in this case being a hotel and the assessment years in this case being 1983-84 to 1985-86. The subsidiary contention is that the building in respect of which the exemption can be granted should be a residential building and not a commercial building. The .....

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..... ax Act, 1957. In so far as the claim of the partner in respect of a building owned by the firm is concerned, this court in the decision reported as R. Venkatavaradha Reddiar v. CWT [1995] 214 ITR 76 has held that the partner is entitled to the exemption, even though the property may be owned by the firm. We therefore, hold that the decision of the Tribunal is in accordance with the law decla .....

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