https://www.taxtmi.com/caselaws?id=61373 In wealth-tax treatment of HUF assets, the legal fiction under section 6 of the Hindu Succession Act, 1956 was applied only for ascertaining shares on a notional partition, and not to exclude the deceased coparcener's share from HUF property where no partition or claim for separation was shown; the 1/3rd inclusion was therefore maintained. A residential-house exemption claim under section 5(1)(iv) of the Wealth-tax Act was not entertained because it had not been raised before the Wealth-tax Officer and lacked a factual foundation. The residential house valuation at Rs. 3 lakhs was sustained for want of fresh material, while agricultural land value was reduced modestly to Rs. 3,250 per acre. en-us Fri, 22 Aug 1986 00:00:00 +0530 Wed, 12 Jan 2011 14:07:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61373 In wealth-tax treatment of HUF assets, the legal fiction under section 6 of the Hindu Succession Act, 1956 was applied only for ascertaining shares on a notional partition, and not to exclude the deceased coparcener's share from HUF property where no partition or claim for separation was shown; the 1/3rd inclusion was therefore maintained. A residential-house exemption claim under section 5(1)(iv) of the Wealth-tax Act was not entertained because it had not been raised before the Wealth-tax Officer and lacked a factual foundation. The residential house valuation at Rs. 3 lakhs was sustained for want of fresh material, while agricultural land value was reduced modestly to Rs. 3,250 per acre. Case-Laws Wealth-tax Fri, 22 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61373