Court : Guwahati
Decided on : Mar-31-1994
..... v. r.m. chidambaram pillai : 10itr292(sc) . in the said later decision at pages 297, 298 and 299, the supreme court has held that under section 3 of the indian partnership act, 1932, a firm is not a person, but a relationship among the persons and has further quoted the following lines from lindley on ..... .' 9. in the said decision, the supreme court has also extracted the observation of the apex court in dulichand laxminarayan v. cit : 29itr535(sc) to the effect that our partnership law is based on the english law and has observed that in addanki narayanappa v. bhashara krishnappa, : 3scr400 , the view taken by this court accords with the position above ..... 1979-80. on appeal by the assessee, the appellate assistant commissioner allowed the said claim of the assessee and held that while determining the interest of the assessee in the partnership firm, exemption under section 5(1)(iv) will be available for deduction from the total assets of the firm and directed the wealth-tax officer to recompute the assessee's ..... course of assessment for the assessment year 1980-81, the respondent-assessee claimed exemption under section 5(1)(iv) of the wealth-tax act, 1957 (for short, 'the act'), in respect of the house properties owned by a partnership firm of which the respondent-assessee was a partner. the wealth-tax officer rejected the said claim for the reasons mentioned in the assessment .....Tag this Judgment!