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2003 (2) TMI 29 - ALLAHABAD HIGH COURT"Whether, Tribunal was legally correct in allowing deduction under section 5(1)(iv) of the Wealth tax Act, 1957?" - It has been mentioned in section 3 of the Wealth-tax Act, which is the charging section, that wealth-tax is levied on individual, Hindu undivided family and a company. Thus, wealth-tax cannot be levied on a firm under the Wealth-tax Act. - Since the house in question, which is said to belong to the firm, in reality belongs to the partners and since the assessee is one of the co-owners of the house property, in our opinion, the value of his share in the house property has to be deducted from the net wealth for the purposes of wealth-tax. - We, therefore, answer the question in the affirmative, that is, in favour of the assessee and against the Department.
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