https://www.taxtmi.com/caselaws?id=202991 Where a market asset is held jointly by co-owners and the conditions for treating the holding as an association of persons are not met, wealth tax assessment must be made separately in proportion to each co-owner's share under the general charging and inclusion provisions, not under Section 21-AA. Applying its earlier decision on the same controversy, the HC held that Sections 3 and 4(1)(b) governed the assessment for the years in question. The references were therefore answered in favour of the assessee and against the Revenue, confirming separate assessment of the jointly held asset in the hands of each co-owner. en-us Thu, 27 Jan 2011 00:00:00 +0530 Fri, 29 Apr 2011 07:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202991 Where a market asset is held jointly by co-owners and the conditions for treating the holding as an association of persons are not met, wealth tax assessment must be made separately in proportion to each co-owner's share under the general charging and inclusion provisions, not under Section 21-AA. Applying its earlier decision on the same controversy, the HC held that Sections 3 and 4(1)(b) governed the assessment for the years in question. The references were therefore answered in favour of the assessee and against the Revenue, confirming separate assessment of the jointly held asset in the hands of each co-owner. Case-Laws Wealth-tax Thu, 27 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202991