Mode of valuing the net wealth of a firm/association i.e. whether the net wealth of a firm is to be determined in accordance with the provisions of the wealth-tax Act or in accordance with commercial principals

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.... 1957 Section 4(1)(b) of the Wealth-tax Act provides that in computing the net wealth of an assessee; the value of his interest in a firm of which he is a partner or an association of which he is a member, as determined in the prescribed manner, shall be included. Rule 2 of the Wealth-tax Rules prescribes the manner and mode of valuing a partner's members interest in a partnership or an associati....

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.... High Court in the case of Commissioner of Wealth-tax Vs. Vasantha, Executrix to the estate of K.V.A.L.M. Ramanathan Chettiar (87 ITR 17) has held that the words "net wealth" and "valuation date" occurring in Rule 2 of the Wealth-tax Rules have to be understood in the same sense for consideration was whether the assessee's share in the agricultural lands owned by the two firms in which he was a pa....