https://www.taxtmi.com/caselaws?id=25508 The High Court held that for the valuation of a partner's interest in a firm, sections 4(1)(b) and rule 2 of the Wealth-tax Rules apply, not section 7(2)(a) and rules 2A to 2G. Income-tax liabilities of the firm and personal income-tax liabilities of the assessee were deemed deductible from the net wealth for the respective assessment years. The court ruled in favor of the assessee on all issues, affirming the Tribunal's decision and applying precedent to support the deductions of income-tax liabilities. en-us Wed, 19 Nov 1986 00:00:00 +0530 Fri, 29 Jan 2010 11:30:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25508 The High Court held that for the valuation of a partner's interest in a firm, sections 4(1)(b) and rule 2 of the Wealth-tax Rules apply, not section 7(2)(a) and rules 2A to 2G. Income-tax liabilities of the firm and personal income-tax liabilities of the assessee were deemed deductible from the net wealth for the respective assessment years. The court ruled in favor of the assessee on all issues, affirming the Tribunal's decision and applying precedent to support the deductions of income-tax liabilities. Case-Laws Wealth-tax Wed, 19 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25508