1995 (11) TMI 63

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....ing and Manufacturing Company, being a partner thereof. While calculating the quantum of exemption under section 5(1)(ii), the Wealth-tax Officer excluded the value of the building included in the assets of the firm as per its balance-sheet and consequently decreased the value of exemption. On appeal, the Appellate Assistant Commissioner confirmed the order of the Wealth-tax Officer. However, on f....

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....t by excluding from the purview of that section only those lands or buildings belonging to the firm and otherwise exempted under section 5(1) of the Wealth-tax Act ? " Both learned counsel for the parties candidly stated that the answer to the question shall be governed by the principle enunciated in the case of CWT v. Maheshkumar R. Patel [1995] 216 ITR 272 (Guj), in favour of the assessee and ....

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....of all the assets has to be made 'in accordance with the provisions of the Act'. The provisions of the Act include section 5 as well which reads as under : The assets described in various sub-clauses of sub-section (1) subject to the overall limits of valuation presented in sub-section (1A) are not to be included in computing the "net wealth" of a person, though such are assets of the person ; I....