1976 (3) TMI 85

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..... awada. 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 event the WTO should have allowed exemption under .....

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..... 0,000. 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 valuation date shall first be determined. That portion .....

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