https://www.taxtmi.com/caselaws?id=23601 The High Court of Karnataka upheld the assessments made by the Wealth-tax Officer for the assessment years 1974-75 and 1975-76 regarding the valuation of assets owned by multiple assessees who were partners in a firm. The court determined that a partner's interest could be valued under section 7 of the Wealth-tax Act based on the latest balance-sheet with necessary adjustments. Emphasizing the discretionary power of the assessing authority, the court ruled in favor of the assessments, affirming that the balance-sheet figures can be used alongside market value for valuation under section 7. en-us Fri, 05 Jan 1990 00:00:00 +0530 Tue, 22 Dec 2009 15:45:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23601 The High Court of Karnataka upheld the assessments made by the Wealth-tax Officer for the assessment years 1974-75 and 1975-76 regarding the valuation of assets owned by multiple assessees who were partners in a firm. The court determined that a partner's interest could be valued under section 7 of the Wealth-tax Act based on the latest balance-sheet with necessary adjustments. Emphasizing the discretionary power of the assessing authority, the court ruled in favor of the assessments, affirming that the balance-sheet figures can be used alongside market value for valuation under section 7. Case-Laws Wealth-tax Fri, 05 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23601