https://www.taxtmi.com/caselaws?id=22376 The High Court of Allahabad held that sustained cash credit could not be added to the net wealth of the assessee under the Wealth-tax Act as the money was not placed at the disposal of the partners by the firm. The Court emphasized the need to consider Rule 2 of the Wealth-tax Rules in valuing a partner's interest in a firm and disagreed with the Tribunal's interpretation. The Court directed the Tribunal to reconsider the case in accordance with legal principles and precedents, highlighting the importance of following rules and legal precedents in wealth tax assessments. en-us Tue, 05 Feb 1991 00:00:00 +0530 Wed, 09 Dec 2009 15:46:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22376 The High Court of Allahabad held that sustained cash credit could not be added to the net wealth of the assessee under the Wealth-tax Act as the money was not placed at the disposal of the partners by the firm. The Court emphasized the need to consider Rule 2 of the Wealth-tax Rules in valuing a partner's interest in a firm and disagreed with the Tribunal's interpretation. The Court directed the Tribunal to reconsider the case in accordance with legal principles and precedents, highlighting the importance of following rules and legal precedents in wealth tax assessments. Case-Laws Wealth-tax Tue, 05 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22376