https://www.taxtmi.com/caselaws?id=70565 For wealth-tax valuation of a partner's interest in a firm, the firm's net wealth is first computed by aggregating assets and liabilities on the statutory dissolution basis, and each partner's share is then worked out under the Rules as if the firm were dissolved on the valuation date. Assets enjoying exemption are not excluded at the firm stage; the exemption is applied in the partner's hands after allocation of his share, when his individual net wealth is computed. This approach preserves the statutory method of valuation and avoids double deduction or premature exclusion of exempt assets. en-us Tue, 25 Sep 1979 00:00:00 +0530 Mon, 18 Apr 2011 10:08:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70565 For wealth-tax valuation of a partner's interest in a firm, the firm's net wealth is first computed by aggregating assets and liabilities on the statutory dissolution basis, and each partner's share is then worked out under the Rules as if the firm were dissolved on the valuation date. Assets enjoying exemption are not excluded at the firm stage; the exemption is applied in the partner's hands after allocation of his share, when his individual net wealth is computed. This approach preserves the statutory method of valuation and avoids double deduction or premature exclusion of exempt assets. Case-Laws Wealth-tax Tue, 25 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70565