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TMI Blog1995 (4) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... justified in holding that the deduction under section 5(1)(iva) of the Wealth-tax Act, 1957, is to be allowed in full in the hands of the assessee ? (2) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was ustified in holding that the deduction under section 5(1)(iva) of the Wealth-tax Act, 1957, is to be allowed in the hands of the assessee who is only a partn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sments are taken up to the extent of their respective shares in the net wealth of the partnership firm ; (4) The mere fact that a partner cannot claim to be entitled to any portion of the property owned by a firm as exclusively belonging to him will not completely disentitle him from seeking the benefit of exemption under section 5(1)(iv) of the Act, so long as he is the owner of the house prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 5(1)(iva) the assessee has been rightly allowed the exemption in respect of the assessee's share in the agricultural land of the firm to the extent of his share. Since there are no foundational facts, it is not possible to enter into this controversy. Answer to the questions referred to us, however, is available in the judgment of this court in Venkatavaradha Reddiar's case [1995] 214 ITR ..... X X X X Extracts X X X X X X X X Extracts X X X X
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