Home Case Index All Cases Wealth-tax Wealth-tax + HC Wealth-tax - 1972 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1972 (8) TMI 41 - ALLAHABAD HIGH COURT" Whether, on the facts and in the circumstances of the case, the provisions of section 2(m) of the Wealth-tax Act, 1957, are applicable for determination of the assessee's interest in the wealth of the firm styled as Messrs. J. K. Bankers, for the assessment years 1957-58 to 1964-65 ? " - we hold that section 2(m) of the Act is not applicable and as such the income-tax liability of the firm is to be deducted out of the total wealth of the firm for purposes of ascertaining the assessee's share in that firm - Question answered in the negative in favour of the assessee and against the department
|