1985 (12) TMI 22

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....OMMEN J.-The following question has been, at the instance of the Revenue, referred to us by the Income-tax Appellate Tribunal, Cochin Bench : " Whether, on the facts and in the circumstances of the case and on an interpretation of section 5(1)(xxxii) of the Wealth-tax Act, 1957, read with rule 2 of the Wealth-tax Rules, 1957, the Appellate Tribunal is justified in law in holding that the curren....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... to what is held by the firm as amounts due to the assessee-partner as his proportionate share of the profit. What is exempted under clause (xxxii) of section 5(1) is the value of the assessee's interest in the assets of the firm as computed in the manner prescribed under rule 2(1) read with rule 2-I of the Wealth-tax Rules, 1957. The interest of the assessee in the assets of the firm is his inter....