2003 (2) TMI 29

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....ch the following question has been referred to us for our opinion: "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in allowing deduction under section 5(1)(iv) of the Wealth tax Act, 1957?" The assessee is an individual who is a partner in the firm, Laxmi Dutt Roop Chand, along with another partner, Roop Chand. The relevant assessment years are 1974....

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....e belonging to the assessee." Thus, the value of one house belonging to an assessee is not to be included in the net wealth of the assessee for the purposes of the Wealth-tax Act. As regards the house in question, no doubt it has been mentioned that it belongs to a firm but it must be remembered that a firm is not a distinct legal entity unlike a company registered under the Companies Act. When ....