https://www.taxtmi.com/caselaws?id=17040 For valuation of a partner's interest in a firm under section 5(1)(xxxii) of the Wealth-tax Act read with rule 2(1) of the Wealth-tax Rules, the firm's land and building was not to be excluded where that asset had already been exempted under another clause of section 5(1). The exemption under clause (xxxii) was construed in the context of section 5(1) as a whole, so the same asset could not be excluded twice. Accordingly, the partner's share had to be valued by including the land and building forming part of the firm's assets, and the question was answered against the assessee. en-us Mon, 22 Apr 1996 00:00:00 +0530 Mon, 14 Sep 2009 17:33:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17040 For valuation of a partner's interest in a firm under section 5(1)(xxxii) of the Wealth-tax Act read with rule 2(1) of the Wealth-tax Rules, the firm's land and building was not to be excluded where that asset had already been exempted under another clause of section 5(1). The exemption under clause (xxxii) was construed in the context of section 5(1) as a whole, so the same asset could not be excluded twice. Accordingly, the partner's share had to be valued by including the land and building forming part of the firm's assets, and the question was answered against the assessee. Case-Laws Income Tax Mon, 22 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17040