https://www.taxtmi.com/caselaws?id=5730 The Supreme Court held that assets exempt under section 5 of the Wealth-tax Act must be included in the net wealth of a firm before apportioning them among partners for individual assessments. The Court endorsed the Karnataka High Court's view, resolving the conflict with the Patna High Court. The Tribunal's direction to compute the net wealth of the firm and allocate it among partners for individual assessments was upheld. This decision clarifies the treatment of exempt assets in computing the net wealth of a firm and aligns with the Wealth-tax Rules' provisions for apportioning assets among partners. en-us Tue, 23 Jan 1996 00:00:00 +0530 Thu, 27 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5730 The Supreme Court held that assets exempt under section 5 of the Wealth-tax Act must be included in the net wealth of a firm before apportioning them among partners for individual assessments. The Court endorsed the Karnataka High Court's view, resolving the conflict with the Patna High Court. The Tribunal's direction to compute the net wealth of the firm and allocate it among partners for individual assessments was upheld. This decision clarifies the treatment of exempt assets in computing the net wealth of a firm and aligns with the Wealth-tax Rules' provisions for apportioning assets among partners. Case-Laws Wealth-tax Tue, 23 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5730