https://www.taxtmi.com/caselaws?id=55873 In valuing a partner's interest in a firm for wealth-tax purposes, exemptions available to the firm under section 5 must first be applied while determining the firm's net wealth under section 4(1)(b) read with Rule 2. The partner's share is then computed on that reduced net wealth, so exempt assets such as gold bonds, securities and shares are not included again in the partner's valuation. The Tribunal followed its earlier view and the Gujarat High Court's approach, treating the exemption as operative at the firm level rather than only at the partner level, and the Revenue's challenge failed. en-us Wed, 28 Nov 1984 00:00:00 +0530 Tue, 30 Nov 2010 14:48:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55873 In valuing a partner's interest in a firm for wealth-tax purposes, exemptions available to the firm under section 5 must first be applied while determining the firm's net wealth under section 4(1)(b) read with Rule 2. The partner's share is then computed on that reduced net wealth, so exempt assets such as gold bonds, securities and shares are not included again in the partner's valuation. The Tribunal followed its earlier view and the Gujarat High Court's approach, treating the exemption as operative at the firm level rather than only at the partner level, and the Revenue's challenge failed. Case-Laws Income Tax Wed, 28 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55873