https://www.taxtmi.com/caselaws?id=12456 The court held that the acceptance of returns under section 16(1) before April 1, 1989, constitutes an order subject to revision under section 25(2) of the Wealth-tax Act. Additionally, the valuation of a partner's share in a firm's property based on the firm's property valuation was deemed unjustified, emphasizing the need to consider the net wealth of the firm as a whole rather than individual asset values. The court ruled in favor of the Revenue on the first issue and in favor of the assessee on the second issue, with no cost orders issued. en-us Mon, 26 Feb 2001 00:00:00 +0530 Thu, 25 Feb 2010 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12456 The court held that the acceptance of returns under section 16(1) before April 1, 1989, constitutes an order subject to revision under section 25(2) of the Wealth-tax Act. Additionally, the valuation of a partner's share in a firm's property based on the firm's property valuation was deemed unjustified, emphasizing the need to consider the net wealth of the firm as a whole rather than individual asset values. The court ruled in favor of the Revenue on the first issue and in favor of the assessee on the second issue, with no cost orders issued. Case-Laws Wealth-tax Mon, 26 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12456