1983 (3) TMI 37

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...., 1957 ? " The Tribunal did not consider the matter in detail, as it was submitted before the Tribunal that the facts of the case were exactly similar to the facts of the case of Shri Nand Lal Jalan which had been disposed of by the Tribunal. In that case also a reference of the same question had been made to this court. The statement of the case, in so far as the aforementioned Shri Nand Lal Jalan is concerned, has been made annex. to this case and the order of the Tribunal in that case has been made annex. B. From the statement of the case in Shri Nand Lal Jalan aforementioned, it appears that the assessee is a partner in the firm, M/s. Radha Krishna Sanwar Prasad. The second partner in Sri Nand Lal Jalan, the first partner being Ra....

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....e arriving at the net wealth of the firm. The Tribunal, therefore, directed that the exemption of Rs. 1,00,000 should be allowed to the firm while computing the net wealth of the firm. It was argued that the order was not correct in law because nowhere in the W.T. Act was there any determining provision to the effect that firm should be treated as an assessee. Therefore, the Tribunal's observation that the firm should be treated as an assessee did not fit in with the scheme of the W.T. Act. Furthermore, the term " net wealth " appearing in r. 2 of the Rules was to be construed as " net-wealth " to be ascertained according to the commercial notions. Thirdly, the term " net wealth " had been defined in s. 2(m) of the W.T. Act, as follows: ....