1983 (9) TMI 100

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....der. All these appeals involve a common ground and therefore, they are disposed of by this common order. 2. The CWT, Gujarat Central, assumed jurisdiction u/s 25(2) of the WT Act, 1957 as he noticed that in arriving at the share of interest in the firm, deduction u/s 5(1)(iva) of the Act was allowed first from the value of the assets of the firm and again in the hands of the assessee u/s 5(1A) ....

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....ITR 532 (Kar). He further, submitted that in the case of Vasantha the facts were different inasmuch as the point involved was in respect of commission of agricultural lands held by the firm while in the case under appeal the asset involved is shares. He also gave us a copy of the Board's Circular F. No. 325/26/73-WT dt. 29th July, 1974. In reply, on behalf of the assessee, it was submitted that th....

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....hich he was a partner was includible in the net wealth of the assessee, for the assessment year 1960-61. The High Court held that the agricultural lands owned by the firms will have to be excluded in computing net wealth of the firm under Rule 2 for the purpose of ascertaining partner's interest. This was because the definition of assets in section 2(e) as it stood then, excluded agricultural land....