https://www.taxtmi.com/caselaws?id=456802 A partner was held entitled to claim the wealth-tax deduction for his share in land and building owned by the partnership firm, because the firm's property was treated in substance as belonging to the partners and the partner was regarded as having a specific interest in the firm's assets for wealth-tax purposes. Rule 2 of the Wealth-tax Rules supported valuation of the partner's interest in the firm, and the exclusion for the relevant property was therefore available where the assessee's share related to the firm's land and building. The question was answered in the affirmative, and the deduction was held allowable. en-us Thu, 06 Nov 1997 00:00:00 +0530 Fri, 16 Aug 2024 15:34:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456802 A partner was held entitled to claim the wealth-tax deduction for his share in land and building owned by the partnership firm, because the firm's property was treated in substance as belonging to the partners and the partner was regarded as having a specific interest in the firm's assets for wealth-tax purposes. Rule 2 of the Wealth-tax Rules supported valuation of the partner's interest in the firm, and the exclusion for the relevant property was therefore available where the assessee's share related to the firm's land and building. The question was answered in the affirmative, and the deduction was held allowable. Case-Laws Income Tax Thu, 06 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456802