https://www.taxtmi.com/caselaws?id=68250 The Tribunal partially allowed the appeal, upholding the AAC's decision to set aside the assessment due to an invalid valuation report. It ruled that the reference made by the WTO to the Valuation Officer was valid despite not mentioning the names of the assessee, but the valuation report was deemed invalid for violating natural justice principles. The Tribunal also held that the interest of the partner in the firm should be calculated based on Wealth-tax Rule 2(1) rather than commercial accountancy principles. The matter was remanded to the WTO for a proper assessment of the deductions claimed by the respondent-assessees. en-us Fri, 25 Jun 1982 00:00:00 +0530 Mon, 28 Mar 2011 16:38:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68250 The Tribunal partially allowed the appeal, upholding the AAC's decision to set aside the assessment due to an invalid valuation report. It ruled that the reference made by the WTO to the Valuation Officer was valid despite not mentioning the names of the assessee, but the valuation report was deemed invalid for violating natural justice principles. The Tribunal also held that the interest of the partner in the firm should be calculated based on Wealth-tax Rule 2(1) rather than commercial accountancy principles. The matter was remanded to the WTO for a proper assessment of the deductions claimed by the respondent-assessees. Case-Laws Wealth-tax Fri, 25 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68250