1999 (11) TMI 12

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....rt's direction dated July 17, 1980, under section 27(3) of the Wealth-tax Act, 1957, in Wealth-tax Applications Nos. 47, 46 and 48 of 1980 has referred the following questions for the opinion of this court : "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the assessee's share in the additions made in the case o....

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....at were made in the case of the firm were not in respect of any tangible asset and were intangible additions. Under the Wealth-tax Act, what is assessable as the wealth of an assessee is the value of the asset actually owned by him on the valuation date. The Tribunal's finding is that the additions made in the case of the firm were not represented by any assets that could be included in the net we....