TaxTMI 
TaxTMI 
1998 (3) TMI 716
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....For the Assessee : None. JUDGMENT N.K. AGARWAL, J. 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) CWT v. Shri Pawan Kant (assessment years 1979-80 to 1980-81); (ii) CWT v. Shri Raman Kant (assessment year 1980-81) (iii) CWT v. Shri Sunil Kant (assessment year....
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....g to the assessee. The 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 their shares was not to be included in their taxable wealth. 3. A Division Bench of this court had an occasion to examine a similar question in CWT v. Vipin Kumar After examining the question whether the assessee was entitled....
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....nd would be includible in his I assets' and will have to be taken into account while computing his net wealth. In this view of the matter, the assessee in the present case could be said to be having specific interest in the factory land and the building belonging to the firm and, as such, were entitled to the exemption granted to them by the Tribunal. Moreover, rule 2 of the Wealth Tax Rules, ....