Deemed ownership of partnership interest counts toward individual net wealth; a minor's partnership share is treated as parent's asset. Section 4(1) treats an assessee's interest in a firm or association of persons (excluding co-operative housing societies) as deemed assets to be included in the assessee's net wealth, valued under Schedule III. A proviso provides that where a minor is admitted to partnership benefits, the minor's interest, so valued, shall be included in the net wealth of the parent in accordance with the applicable proviso.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deemed ownership of partnership interest counts toward individual net wealth; a minor's partnership share is treated as parent's asset.
Section 4(1) treats an assessee's interest in a firm or association of persons (excluding co-operative housing societies) as deemed assets to be included in the assessee's net wealth, valued under Schedule III. A proviso provides that where a minor is admitted to partnership benefits, the minor's interest, so valued, shall be included in the net wealth of the parent in accordance with the applicable proviso.
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