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1976 (4) TMI 1 - SC - Wealth-tax
It is not in dispute that the property in question was the individual property - coparcenary had unity of possession but not unity of ownership on the property. Each coparcener, therefore, took a defined share in the property and was the owner of his share. Each such defined share thus "belonged" to the coparcener. It was his "net wealth" within the meaning of section 2(m) of the Act and was liable to wealth-tax as such under section 3