Omitted by the Wealth-tax (Second Amendment) Rules, 1989, w.e.f. 1-4-1989

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..... 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 t .....

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..... ( 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 ; .....

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