1983 (9) TMI 128

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....f the assessee in order to get the exemption from additional wealth-tax levy. This has been rejected by both the authorities below and this ground is pressed before us. 10. The relevant provision reads as follows : " (2) In addition, in the case of every individual and Hindu undivided family, where the net wealth of the individual or Hindu undivided family includes the value of any asset, being building or land (other than business premises) or any right in such building or land, situated in an urban area (such asset being hereafter in this Part referred to as urban asset). " Rule 1(i) defines 'business premises'. It reads as follows : " (i) 'business premises' means any building or land or part of such building or land or any r....

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....artnership firm is to exploit land which has been brought into the partnership fold by constructing multi-storey flats. For the purpose of wealth-tax, the assessee's interest in the partnership firm is worked out and in so working out the value of the property which is being exploited by the partnership firm was determined. The value of such interest is included in the wealth of the assessee. The assessee is, therefore, claiming that in respect of his share of interest in the partnership firm, which consists of the property, should not be subjected to additional wealth-tax liability on the ground mentioned earlier. The expression 'business premises' must be understood in the sense of the place where the business of the partnership firm is b....