1998 (3) TMI 58

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.....---The following common question of law has been referred to this court for opinion under section 27(1) of the Wealth-tax Act, 1957 (for short, "the Act"), in respect of : (i) The Commissioner of Wealth-tax (Central), Ludhiana v. Mrs. Anju Munjal, Ludhiana (assessment years 1980-81 to 1982-83) ; (ii) The Commissioner of Wealth-tax (Central), Ludhiana v. Mrs. Rama Munjal, Ludhiana (assessmen....

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....roperty of the firm under section 5(1)(iv) of the Act. The Wealth-tax Officer declined to allow exemption, holding that the property belonged to the partnership to a house or part of a house belonging to the assessee. The Income-tax Appellate Tribunal took the view that exemption was to be allowed to the assessees in respect of their shares in the property held by the firm and the value of thei....

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.... every partner has an interest in the property of the partnership. In Juggilal Kamlapat Bankers v. WTO [1984] 145 ITR 485, the apex court held that the interest of a partner in a partnership firm belonged to him and would be includible in his "assets" and will have to be taken into account while computing his net wealth. In this view of the matter, the assessees in the present case could be said t....