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TMI Blog1995 (11) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... t in the firm of Bharat Weaving and Manufacturing Company, being a partner thereof. While calculating the quantum of exemption under section 5(1)(ii), the Wealth-tax Officer excluded the value of the building included in the assets of the firm as per its balance-sheet and consequently decreased the value of exemption. On appeal, the Appellate Assistant Commissioner confirmed the order of the Wealt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 5(1)(ii) should be worked out by excluding from the purview of that section only those lands or buildings belonging to the firm and otherwise exempted under section 5(1) of the Wealth-tax Act ? " Both learned counsel for the parties candidly stated that the answer to the question shall be governed by the principle enunciated in the case of CWT v. Maheshkumar R. Patel [1995] 216 ITR 272 (Guj), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... net wealth the aggregate value of all the assets has to be made 'in accordance with the provisions of the Act'. The provisions of the Act include section 5 as well which reads as under : The assets described in various sub-clauses of sub-section (1) subject to the overall limits of valuation presented in sub-section (1A) are not to be included in computing the "net wealth" of a person, though s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 2 consequently is that in the facts and circumstances of the present case, the benefit under section 5(1)(ii) had to be worked out by excluding the value of those land and building of the firm while computing the net wealth of the firm for the purpose of ascertaining the assessee's share to be included in his total wealth which would otherwise be exempted under section 5(1) of the Wealth-tax Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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