https://www.taxtmi.com/caselaws?id=37900 The court dismissed the petition, holding that the valuation of buildings belonging to petitioner-1 firm by Valuation Officers was valid. It was determined that a partner's interest in a firm constitutes property and is subject to wealth-tax. The court upheld the jurisdiction of Valuation Officers to assess the buildings and affirmed the applicability of Rule 2 of Wealth-tax Rules, 1957, in conjunction with Section 16A of the Wealth-tax Act, 1957. Additionally, the court ruled that the value of buildings can be determined under commercial principles, leading to the dismissal of the petition and vacating of the interim order. en-us Tue, 04 Oct 1977 00:00:00 +0530 Thu, 01 Apr 2010 16:37:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37900 The court dismissed the petition, holding that the valuation of buildings belonging to petitioner-1 firm by Valuation Officers was valid. It was determined that a partner's interest in a firm constitutes property and is subject to wealth-tax. The court upheld the jurisdiction of Valuation Officers to assess the buildings and affirmed the applicability of Rule 2 of Wealth-tax Rules, 1957, in conjunction with Section 16A of the Wealth-tax Act, 1957. Additionally, the court ruled that the value of buildings can be determined under commercial principles, leading to the dismissal of the petition and vacating of the interim order. Case-Laws Wealth-tax Tue, 04 Oct 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37900