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of <h1>Supreme Court Appeal: Board Challenges Allahabad Ruling on Wealth Valuation, Madras High Court Excludes Agricultural Land.</h1> The circular addresses the method for valuing the net wealth of a firm or association, specifically whether it should follow the Wealth-tax Act provisions or commercial principles. Section 4(1)(b) and Rule 2 of the Wealth-tax Act and Rules are central, with Rule 2 detailing the valuation process for a partner's interest. The Madras High Court ruled that agricultural lands should be excluded from net wealth calculations, while the Allahabad High Court favored commercial principles over statutory definitions. The Board accepted the Madras ruling and is appealing the Allahabad decision to the Supreme Court.
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