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2016 (2) TMI 260 - HC - Wealth-taxDetermination of value of the interest of the partners in the firms on the basis of the value of the shares - it was contended that, there was no similar specific provision in the Wealth tax Act or in the Rules that while ascertaining the partner's interest - Held that:- The contention of applicant/assessee partner that value of his interest in a firm cannot be worked out on 31/03/1981 is totally erroneous in the background of scheme of the Wealth tax Act and Rules looked into by us supra. The ending of previous year of the firms on 30/06/1981 has got no relevance as it may show valuation of his interest in firm as on 30/06/1981 and not on 31/03/1981. The computation provisions in the Wealth tax Act and Rules enable and empower the department to assess his interest as partner in the firm even on 31/03/1981 and there is no requirement in law to wait till 30/06/1981 for that purpose. The fact that value of partner's interest as on 31.3.1981 needed determination as per charging provision is not in dispute. Only stand of respective assessee is in absence of a provision to compute it as on 31.3.1981, the charging section can not be invoked. We have not found any lacuna in the Act which allows such an interest of the partner to go unassessed for the period from his valuation date till the end of previous year of his firm. There is complete scheme which enables the Assessing Officer under Wealth Tax Act to proceed to ascertain such valuation of partner's interest on any valuation date ignoring the date on which previous year of his firm comes to an end. - Decided in favor of revenue.
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