https://www.taxtmi.com/caselaws?id=36435 The High Court ruled in favor of the assessee in a case involving wealth tax assessment of a Hindu Undivided Family (HUF) with a share in a firm. The court held that the interest in the firm was exempt from wealth tax as it was not available for more than six years on relevant valuation dates. Properties and assets linked to the family were deemed includable in the net wealth, except for a property standing in an individual's name without evidence of connection to the family. The court did not address the third issue, and the assessee was awarded costs. en-us Wed, 12 Mar 1980 00:00:00 +0530 Mon, 22 Mar 2010 13:14:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36435 The High Court ruled in favor of the assessee in a case involving wealth tax assessment of a Hindu Undivided Family (HUF) with a share in a firm. The court held that the interest in the firm was exempt from wealth tax as it was not available for more than six years on relevant valuation dates. Properties and assets linked to the family were deemed includable in the net wealth, except for a property standing in an individual's name without evidence of connection to the family. The court did not address the third issue, and the assessee was awarded costs. Case-Laws Wealth-tax Wed, 12 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36435