Rule 2I - Omitted by the Wealth-tax (Second Amendment) Rules, 1989, w.e.f. 1-4-1989 - Wealth Tax Rules, 1957

1 2-I. [Omitted by the Wealth-tax (Second Amendment) Rules, 1989, w.e.f. 1-4-1989.] ------------------ Notes:- 1. Before omission rule 2-I, as inserted by the Wealth-tax (Second Amendment) Rules, 1973, w.e.f. 1-4-1973, read as under: For the purposes of clause ( xxxii ) of sub-section (1) of section 5, the value of the interest of the assessee in the assets (not being any land or building or any rights in any land or building or any assets referred to in any other clause of that sub-section) forming part of an industrial undertaking belonging to a firm or an association of persons of which the assessee is a partner, or, as the case may be, a member, shall be determined as follows : ( a ) the value of such assets shall first be determined in the manner laid down in rule 2H as if the assets formed part of an industrial undertaking belonging to the assessee ; ( b ) the aggregate value of such assets as determined under clause ( a ) shall be reduced by the value of the debts owed by the firm or association which are secured on, or which have been incurred in relation to, such assets ; ( c ) that portion of the net value of such assets so arrived at as does not exceed the amount of the capital of the firm or association shall be allocated among the partners or members in the proportion in which capital has been contributed by them; ( d ) the residue, if any, of the net value of such assets shall then be allocated among the partners or members in accordance with the agreement of partnership or association for the distribution of assets in the event of dissolution of the firm or association and, in the absence of such agreement, in the proportion in which the partners or members are entitled to share profits ; ( e ) the sum total of the amounts allocated to the partner or member under clause ( c ) and clause ( d ) shall be the value of the interest of that partner or member in such assets of the firm or association.