https://www.taxtmi.com/caselaws?id=67591 The Tribunal dismissed the Revenue's appeals, upholding the AAC's decisions. Regarding the valuation of the assessee's interest in the firm, the Tribunal held that Rule 2B(2) cannot be invoked based solely on the gross profit rate, and the Wealth Tax Officer's additions were deemed unjustified. Concerning the classification of the firm as an industrial undertaking, the Tribunal affirmed the AAC's decision, granting the firm exemption under Section 5(1)(xxxii) of the Wealth-tax Act, 1957. en-us Tue, 15 Sep 1987 00:00:00 +0530 Fri, 11 Mar 2011 14:42:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67591 The Tribunal dismissed the Revenue's appeals, upholding the AAC's decisions. Regarding the valuation of the assessee's interest in the firm, the Tribunal held that Rule 2B(2) cannot be invoked based solely on the gross profit rate, and the Wealth Tax Officer's additions were deemed unjustified. Concerning the classification of the firm as an industrial undertaking, the Tribunal affirmed the AAC's decision, granting the firm exemption under Section 5(1)(xxxii) of the Wealth-tax Act, 1957. Case-Laws Wealth-tax Tue, 15 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67591