1995 (4) TMI 26 - HC - Wealth-tax

Summary

The High Court of Madras considered a case involving the deduction under section 5(1)(iva) of the Wealth-tax Act, 1957 for a partner in a firm owning agricultural land. The court referred to a previous judgment establishing that partners can claim exemption under this section based on their share in the partnership's net wealth. The court found no foundational facts to determine if the assessee was rightly allowed the exemption and referred to a previous judgment for guidance. The questions referred to the court were answered based on the principles outlined in the previous judgment.