High Court orders Tribunal to resolve Wealth-tax Act deduction issue for partnership firm share amidst judicial conflicts.

The High Court directed the Tribunal to refer a legal question on deduction under section 5(1)(iv) of the Wealth-tax Act, 1957, regarding an assessee's share in a partnership firm's property due to conflicting judicial opinions among different High Courts.

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The High Court of Punjab and Haryana directed the Tribunal to refer a legal question regarding deduction under section 5(1)(iv) of the Wealth-tax Act, 1957, in a case involving an assessee's share in a partnership firm's land and building. There was a conflict of judicial opinion on this issue among different High Courts.

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