https://www.taxtmi.com/caselaws?id=60202 For wealth-tax valuation of a partner's interest in a firm, the firm's net wealth must first be computed under the prescribed rules, and the partner cannot claim a separate exemption for the same immovable property already reflected in the firm's computation. Shares are to be valued under the Wealth-tax Rules, including the prescribed 15 per cent reduction on break-up value where applicable. Jewellery valuation will not be disturbed unless the adopted estimate is shown to be unreasonable or unsupported by material; on the stated facts, the appellate valuation was sustained. en-us Wed, 11 Apr 1984 00:00:00 +0530 Tue, 04 Jan 2011 12:20:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60202 For wealth-tax valuation of a partner's interest in a firm, the firm's net wealth must first be computed under the prescribed rules, and the partner cannot claim a separate exemption for the same immovable property already reflected in the firm's computation. Shares are to be valued under the Wealth-tax Rules, including the prescribed 15 per cent reduction on break-up value where applicable. Jewellery valuation will not be disturbed unless the adopted estimate is shown to be unreasonable or unsupported by material; on the stated facts, the appellate valuation was sustained. Case-Laws Wealth-tax Wed, 11 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60202