TaxTMI 
TaxTMI 
1997 (11) TMI 52
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....ssees' wealth-tax cases for the assessment year 1978-79 has been referred by the Income-tax Appellate Tribunal (the "Tribunal"), at the instance of the Department Under section 27(1) of the Wealth-tax Act, 1957 (for short, "the Act") : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee was entitled to exemption under section 5(1....
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....R 941. After examining the question whether the assessee was entitled to the exemption in respect of the property belonging to the firm in which he was a partner, it was observed at page 945 as under : "According to the principles of English jurisprudence which we have adopted in India for the purpose of determining legal rights, there is no, such thing as a firm known to the law. In Addanki Nara....
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.... rule 2 of the Wealth-tax Rules providing for the detailed method of determining the value of the interest of a person in a firm of which he is a partner is a pointer to the fact that in the context of wealth-tax, a partner can claim to have a specific interest in its assets exclusively apart from his interest as a partner in the firm. We have already observed that the property of the firm is, in ....