https://www.taxtmi.com/caselaws?id=27764 A partner's interest in a firm is includible in net wealth under section 4(1)(b) of the Wealth-tax Act, and its valuation is governed by Rule 2(1) read with Rules 2A and 2C of the Wealth-tax Rules. Where a bad debt claimed in the firm's assessment is not allowed as a deduction, the firm retains a subsisting right of recovery, so the partner's proportionate share of that amount must be reflected in the wealth assessment. Omission of that share from net wealth was treated as a patent mistake, and section 35 could be invoked to rectify it; the reference was answered in the affirmative. en-us Mon, 16 Jul 1984 00:00:00 +0530 Mon, 15 Feb 2010 18:38:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27764 A partner's interest in a firm is includible in net wealth under section 4(1)(b) of the Wealth-tax Act, and its valuation is governed by Rule 2(1) read with Rules 2A and 2C of the Wealth-tax Rules. Where a bad debt claimed in the firm's assessment is not allowed as a deduction, the firm retains a subsisting right of recovery, so the partner's proportionate share of that amount must be reflected in the wealth assessment. Omission of that share from net wealth was treated as a patent mistake, and section 35 could be invoked to rectify it; the reference was answered in the affirmative. Case-Laws Wealth-tax Mon, 16 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27764