https://www.taxtmi.com/caselaws?id=67252 Section 13 of the Voluntary Disclosure of Income and Wealth Act, 1976 extends the benefit of a firm's declaration under section 3(1) to its partners, so the disclosed assets or amount are not to be included in a partner's net wealth or in valuing the partner's interest in the firm. The provision is broad enough to exclude the declared amount in the partner's wealth-tax assessment whether the disclosure is represented by assets or by income not traced to specific assets. On that basis, the amount declared by the firm was held not includible in the partner's net wealth, and exclusion of the amount was upheld. en-us Fri, 05 Feb 1982 00:00:00 +0530 Wed, 09 Mar 2011 17:27:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67252 Section 13 of the Voluntary Disclosure of Income and Wealth Act, 1976 extends the benefit of a firm's declaration under section 3(1) to its partners, so the disclosed assets or amount are not to be included in a partner's net wealth or in valuing the partner's interest in the firm. The provision is broad enough to exclude the declared amount in the partner's wealth-tax assessment whether the disclosure is represented by assets or by income not traced to specific assets. On that basis, the amount declared by the firm was held not includible in the partner's net wealth, and exclusion of the amount was upheld. Case-Laws Income Tax Fri, 05 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67252