1976 (3) TMI 85

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..... the firm of M/s Abdul Kareemia and Brothers, Vijayawada. While computing the net wealth for the relevant assessment years, the WTO added a sum of Rs. 71,800 towards the appellant's share interest in the firm's house properties under Rule 2 of the WT Rules. On appeal, the AAC upheld the action of the WTO. Hence, further appeals to the Tribunal. 2. Learned representative has contended that in any .....

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..... t of 1/5th share in that house to a limit of Rs. 20,000. This claim is based on Rule 2 read with s. 5(1) (iv) of the Wealth-tax. Rule. 2 reads as follows:-- "2(1) The value of the interest of a person in a firm of which he is a partner or an association of persons of which he is a member, shall be determined in the manner provided herein. The net wealth of the firm or the association on the valua .....

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..... xemption is provided under s. 5 (1)(iv) of the Wealth Tax Act, 1957. On a true and correct interpretation of Rule. 2 read with s. 5 (1)(iv) of the WT Act, the assessee's claim is well founded. The authorities below ought to have allowed exemption under s. 5 (1)(iv) of the WT Act at least to the extent of Rs.20,000. 3. In the result, the appeals are partly allowed.
Case laws, Decisions, Judgem .....

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