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Issues: Whether a partner is entitled to deduction under section 5(1)(iv) of the Wealth-tax Act, 1957 in respect of his share in land and building owned by the partnership firm.
Analysis: The partnership property was treated as belonging in substance to the partners, and a partner was held to have a specific interest in the firm's assets for wealth-tax purposes. Rule 2 of the Wealth-tax Rules was noted as supporting the valuation of a partner's interest in the firm. On that basis, the exclusion under section 5(1)(iv) was held to be available where the property in question was the firm's land and building in which the assessee had a share.
Conclusion: The question was answered in the affirmative and the deduction under section 5(1)(iv) was held to be allowable in favour of the assessee.
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