1997 (11) TMI 19

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..... r of a firm. The firm owned certain assets eligible for exemption under section 5(1A) of the Wealth-tax Act, 1957. In the wealth-tax assessment of the assessee for the year 1976-77, the Wealth-tax Officer valued the agricultural lands owned by the firm in which the assessee is a partner, but did not grant exemption under section 5(1)(iva) of the Wealth-tax Act, on the ground that the assessee was .....

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..... wealth of the firm in terms of rule 2 of the Wealth-tax Rules and not in the hands of each individual partner?" We are of the opinion that the reference to section 5(1A) in the question is a typographical mistake as the claim of the assessee in the wealth-tax proceedings was that he is entitled to exemption under section 5(1)(iva) of the Wealth-tax Act. Since it is an apparent mistake, the refere .....

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..... nkatavaradha Reddiar v. CWT [1995] 214 ITR 76, we are of the view that there is no infirmity in the order of the Appellate Tribunal in holding that the assessee is entitled to exemption in respect of the agricultural lands held by the firm to the extent of his share in the net wealth of the partnership firm. Accordingly, we answer the question of law as substituted in the negative and against the .....

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