https://www.taxtmi.com/caselaws?id=57456 The Tribunal held that the provisions of section 4(1)(a)(iii) of the Wealth-tax Act, 1957, were not applicable to the transfer of Coffee estates to a partnership firm. The transfer was considered to be for adequate consideration as the amounts credited to the assessees' capital accounts were not less than the market value of the estates. The inclusion of trust assets in the total wealth of the assessees was deemed unjustified. Consequently, the appeals of the assessees were allowed. en-us Mon, 30 Sep 1991 00:00:00 +0530 Fri, 10 Dec 2010 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57456 The Tribunal held that the provisions of section 4(1)(a)(iii) of the Wealth-tax Act, 1957, were not applicable to the transfer of Coffee estates to a partnership firm. The transfer was considered to be for adequate consideration as the amounts credited to the assessees' capital accounts were not less than the market value of the estates. The inclusion of trust assets in the total wealth of the assessees was deemed unjustified. Consequently, the appeals of the assessees were allowed. Case-Laws Wealth-tax Mon, 30 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57456