https://www.taxtmi.com/caselaws?id=35649 The court determined the individual's interest in converted property for wealth-tax valuation, focusing on the interpretation of provisions related to Hindu undivided family (HUF) interests. The court clarified that the assessee's interest should be computed at 1/6th share, considering clubbing provisions and absence of minor children. It rejected the revenue authority's argument for a 1/3rd interest, emphasizing the total partition concept and legislative amendments. The judgment rectified the Tribunal's error, affirming the inclusion of a portion of the converted property in the assessee's net wealth at 1/6th share. en-us Thu, 13 Aug 1981 00:00:00 +0530 Mon, 15 Mar 2010 17:32:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35649 The court determined the individual's interest in converted property for wealth-tax valuation, focusing on the interpretation of provisions related to Hindu undivided family (HUF) interests. The court clarified that the assessee's interest should be computed at 1/6th share, considering clubbing provisions and absence of minor children. It rejected the revenue authority's argument for a 1/3rd interest, emphasizing the total partition concept and legislative amendments. The judgment rectified the Tribunal's error, affirming the inclusion of a portion of the converted property in the assessee's net wealth at 1/6th share. Case-Laws Income Tax Thu, 13 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35649