1987 (7) TMI 23 - HC - Wealth-tax

Summary

The High Court of Andhra Pradesh ruled that the partnership share value of Rs. 2,52,725 should be included in the net wealth of the Hindu undivided family for taxation purposes. The court rejected the argument that the share belonged to an individual partner, stating that it is considered the property of the family according to the Wealth-tax Act. The decision favored the Revenue and no costs were awarded.