Assessee shifted his business undertaking from urban area to rural area and made further investment of certain amount in new business He claimed exemption under section 54G.  Assessing Officer disallowed the claim  on ground that new investment was made by partnership firm and not by assessee. CIT(A) also up held the order of the AO. On appeal the Tribunal held that  interest of a partner in a partnership firm belonged to him and would be includible in his ‘assets’ and will have to be taken into account while computing his net wealth. Since assessee was a partner in said partnership firm and had total right in investment of firm, he is  eligible for exemption under section 54G of the Act. Followed, Juggilal Kamalpat Bankers v. WTO (1984) 16 taxmann.com 1/145 ITR 485 (SC), CWT v. Vipin  kunar (1993) 69 Taxman 536/ 203 ITR 941 (P& H), Pr. CIT v. Vaidya Panalal Manilal (HUF) (2018) 259 Taxman 19 (Guj)(HC) (AY.2016-17)