https://www.taxtmi.com/caselaws?id=403555 Where immovable property stands in the name of a partnership firm, the partner's wealth-tax exposure cannot be computed by directly attributing a proportion of the property's market value to the assessee; the correct approach is to value the assessee's interest in the firm under the prescribed rule. The document also states that valuation of the Saidapet property had to be made strictly in accordance with Schedule III of the wealth-tax valuation scheme, and not on an unadjusted basis. The additions were therefore not sustained in their assessed form and required fresh computation under the applicable statutory valuation method. en-us Wed, 20 Jan 2021 00:00:00 +0530 Tue, 02 Feb 2021 14:23:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403555 Where immovable property stands in the name of a partnership firm, the partner's wealth-tax exposure cannot be computed by directly attributing a proportion of the property's market value to the assessee; the correct approach is to value the assessee's interest in the firm under the prescribed rule. The document also states that valuation of the Saidapet property had to be made strictly in accordance with Schedule III of the wealth-tax valuation scheme, and not on an unadjusted basis. The additions were therefore not sustained in their assessed form and required fresh computation under the applicable statutory valuation method. Case-Laws Wealth-tax Wed, 20 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403555