1987 (7) TMI 23

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d to us under section 27(1) of the Wealth-tax Act, is: " Whether, on the facts and in the circumstances of the case, the inclusion of the partnership share value of Rs. 2,52,725 in the net wealth of the assessee-family under section 4(1)(b) of the Wealth-tax Act or under section 2(m) of the Wealth-tax Act is correct in law ? " The assessee admitted a sum of Rs. 2,52,725 in Part IV of his wealtht .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... said partnership is the property and share of the Hindu undivided family. Accordingly, it is liable to be taxed in the hands of the Hindu undivided family, according to the definition of it net wealth " contained in clause (m) of section 2, read with section 3 of the Act. For this purpose, it may not really be necessary to go to section 4(1)(b). For the above reasons, we answer the question refe .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X