https://www.taxtmi.com/caselaws?id=18155 The court held that the minor partner's share in a partnership firm was not assessable to wealth-tax as the minor partner could not be considered a partner. The court excluded the value of the residential property from the minor partner's net wealth. The court found that the minor partner had no share in the firm's assets, being only entitled to the benefits of the partnership. Consequently, the court declined to address the issue of deduction under section 5(1)(iv) for an asset not included in the net wealth, emphasizing the distinction between a minor partner and a full-fledged partner for wealth-tax assessment. en-us Fri, 11 Oct 1996 00:00:00 +0530 Tue, 29 Sep 2009 11:45:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18155 The court held that the minor partner's share in a partnership firm was not assessable to wealth-tax as the minor partner could not be considered a partner. The court excluded the value of the residential property from the minor partner's net wealth. The court found that the minor partner had no share in the firm's assets, being only entitled to the benefits of the partnership. Consequently, the court declined to address the issue of deduction under section 5(1)(iv) for an asset not included in the net wealth, emphasizing the distinction between a minor partner and a full-fledged partner for wealth-tax assessment. Case-Laws Wealth-tax Fri, 11 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18155