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Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 1997 (11) TMI HC This

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1997 (11) TMI 550 - HC - Income Tax

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 partners have a specific interest in the firm's assets and are entitled to the exemption. The decision was supported by previous case law.

 

 

 

 

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