https://www.taxtmi.com/caselaws?id=8529 The court upheld the decision in favor of the assessee, ruling that the share of a deceased partner in agricultural lands owned by two firms should be excluded from the net wealth for wealth tax assessment. The court determined that the valuation of a partner's interest in a firm, as outlined in Rule 2 of the Wealth-tax Rules, should exclude agricultural lands and be based on the definitions and provisions of the Wealth-tax Act. The revenue's argument to include agricultural lands in the valuation was rejected, and the court directed the revenue to bear the costs. en-us Fri, 14 Apr 1972 00:00:00 +0530 Wed, 29 Apr 2009 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8529 The court upheld the decision in favor of the assessee, ruling that the share of a deceased partner in agricultural lands owned by two firms should be excluded from the net wealth for wealth tax assessment. The court determined that the valuation of a partner's interest in a firm, as outlined in Rule 2 of the Wealth-tax Rules, should exclude agricultural lands and be based on the definitions and provisions of the Wealth-tax Act. The revenue's argument to include agricultural lands in the valuation was rejected, and the court directed the revenue to bear the costs. Case-Laws Wealth-tax Fri, 14 Apr 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8529