1984 (11) TMI 81

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....aw and on facts in directing the WTO to take into account the value of gold bond worth Rs. 32,656 under s. 5(1)(xii-a) of the WT Act while valuing the assessee's interest in the firm of M/s Vepar." 2. "The ld. AAC has erred in law and on facts in directing the WTO to take into account the securities amounting to Rs. 3,11,910 under s. 5(1)(xvi-a) and shares of Rs. 2759 under s. 5(1)(xx) of the W....

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....m, relying on the decision of the Tribunal in WTA No. 169/Ahd/79 dt. 11th Dec., 1980 in case of Pallavi Mayor. 3. Being aggrieved the Revenue has come up in appeal before us. It was contended that the AAC was not justified in directing the WTO to allow exemption as aforesaid in determining the value of interest in the hands of the assessee. The ld. counsel for the assessee on the other hand rel....

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....it is the net wealth of the firm that calls for determination as if a firm is assessable under the WT Act. In that process s. 5(1)(xi) calls for consideration and once the benefits or s. 5(1)(xi) is applied to the firm in determining its net wealth naturally the net wealth of the assessee is allocated and the benefit is obtained by the assessee. The answer to the question is, therefore, self-evide....