https://www.taxtmi.com/caselaws?id=70746 The Appellate Tribunal ITAT Nagpur affirmed the valuation of an individual's interest in a partnership firm for wealth tax assessment. The Tribunal held that the interest in the partnership firm should be considered an asset for wealth tax purposes, valuing it based on market value rather than the credit balance in the assessee's account in the firm's books. The decision emphasized that the shares transferred to the partnership firm remained part of the assessee's net wealth, rejecting the argument that they were no longer his property. The appeal was dismissed, upholding the valuation of the interest in the partnership firm for wealth tax assessment. en-us Mon, 18 Apr 1988 00:00:00 +0530 Tue, 19 Apr 2011 10:30:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70746 The Appellate Tribunal ITAT Nagpur affirmed the valuation of an individual's interest in a partnership firm for wealth tax assessment. The Tribunal held that the interest in the partnership firm should be considered an asset for wealth tax purposes, valuing it based on market value rather than the credit balance in the assessee's account in the firm's books. The decision emphasized that the shares transferred to the partnership firm remained part of the assessee's net wealth, rejecting the argument that they were no longer his property. The appeal was dismissed, upholding the valuation of the interest in the partnership firm for wealth tax assessment. Case-Laws Wealth-tax Mon, 18 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70746