Court : Income Tax Appellate Tribunal ITAT Guwahati
Decided on : Jan-31-1991
Reported in : (1991)37ITD112(Gau.)
..... also by the hon'ble madhya pradesh high court in the case of jagdish chandra grover v. cwt  156 itr 560, that under the indian law, a partnership firm is not a legal entity as the firm name is only a compendious way of describing the partners collectively. similar claim for exemption under section 5 ..... of properties vivifies and specifies such shares in separate ownership.12. for the purpose of computation of income under the income-tax act and in particular in respect of section 9 of the indian income-tax act, 1922, the hon'ble supreme court in the case of r.b. jodha mal kuthiala v. cit  82 ..... allowed in the hands of the partners though the property might have been owned by the partnership firm. this was after considering rule 2 of the wealth-tax rules read with section 2(m) of the wealth-tax act. in such cases, it was held that the firm is not an wealth-tax assessee and ..... the revenue, the analogy cannot be drawn as sought to be made out on behalf of the assessee. the present case is under the wealth-tax act and the provision regarding exemption has been specified. in fact the charging and machinery provisions of these two enactments are separate. in a slightly different situation ..... its normal ambit, an extended meaning on account of the special definition is to be found in explanation 2 to section 2(75) of the estate duty act. in this decision, the hon'ble supreme court has distinguished the earlier decision in the case of kancharla kesava rao (supra) at page 101, it was .....Tag this Judgment!