TMI Blog1983 (3) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... er in detail, as it was submitted before the Tribunal that the facts of the case were exactly similar to the facts of the case of Shri Nand Lal Jalan which had been disposed of by the Tribunal. In that case also a reference of the same question had been made to this court. The statement of the case, in so far as the aforementioned Shri Nand Lal Jalan is concerned, has been made annex. to this case and the order of the Tribunal in that case has been made annex. B. From the statement of the case in Shri Nand Lal Jalan aforementioned, it appears that the assessee is a partner in the firm, M/s. Radha Krishna Sanwar Prasad. The second partner in Sri Nand Lal Jalan, the first partner being Radha Krishna Jalan, the assessee in this case. Both th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l, therefore, directed that the exemption of Rs. 1,00,000 should be allowed to the firm while computing the net wealth of the firm. It was argued that the order was not correct in law because nowhere in the W.T. Act was there any determining provision to the effect that firm should be treated as an assessee. Therefore, the Tribunal's observation that the firm should be treated as an assessee did not fit in with the scheme of the W.T. Act. Furthermore, the term " net wealth " appearing in r. 2 of the Rules was to be construed as " net-wealth " to be ascertained according to the commercial notions. Thirdly, the term " net wealth " had been defined in s. 2(m) of the W.T. Act, as follows: "'Net wealth ' means the amount by which the aggrega ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r qualifies for any exemption provided under the Act, such exemption must be taken into consideration in determining the net wealth of, the firm. Where a firm owns a house and a partner resides in a portion of the house the exemption provided by s 5(1)(iv) should be taken into consideration in determining the net wealth of the firm. It is a simple formula that if a thing is available to all jointly, the proportionate share of each one individually cannot be denied to the individual. Since the matter referred to this court with regard to Sri Nand Lal Jalan, one of the partners, is identical to that of the other partner, Sri Radha Krishna Jalan, and the point of law referred being the same, the matter already stands concluded by the afore-m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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