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<h1>Court rules land & building value must be included in valuing partner's interest in firm.</h1> The High Court of Madras held that the value of land and building of a firm should not be excluded for valuing a partner's interest in the firm. The Court ... Exemption The High Court of Madras held that the value of land and building of a firm should not be excluded for the purpose of valuing a partner's interest in the firm under section 5(1)(xxxii). The Court relied on a previous decision and ruled in favor of the assessee partner, stating that the value of the partner's interest should include the value of the land and building assets of the firm. The Tribunal's decision was upheld, and the question was answered in the affirmative against the Department.
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