https://www.taxtmi.com/caselaws?id=23083 For valuing a partner's interest in a firm under rule 2(1) of the Wealth-tax Rules, the firm's net wealth must first be ascertained, and partner-level exemptions cannot be deducted in that computation. A firm is not an assessee under the Wealth-tax Act, so exemptions available only in individual partners' assessments do not constitute liabilities or debts of the firm under section 7. The exemption under section 5(1)(xxiii) read with section 5(1A) therefore cannot reduce the firm's net wealth for valuation purposes, and the issue was answered against the assessee. en-us Tue, 11 Jul 1989 00:00:00 +0530 Wed, 16 Dec 2009 15:41:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23083 For valuing a partner's interest in a firm under rule 2(1) of the Wealth-tax Rules, the firm's net wealth must first be ascertained, and partner-level exemptions cannot be deducted in that computation. A firm is not an assessee under the Wealth-tax Act, so exemptions available only in individual partners' assessments do not constitute liabilities or debts of the firm under section 7. The exemption under section 5(1)(xxiii) read with section 5(1A) therefore cannot reduce the firm's net wealth for valuation purposes, and the issue was answered against the assessee. Case-Laws Wealth-tax Tue, 11 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23083