1989 (7) TMI 15

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..... 7, for the assessment years 1977-78, 1978-79 and 1979-80, the following question of law has been referred to this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in terms of section 4(1)(b) read with rule 2(l) of Wealth-tax Rules in directing that the net wealth of the firm should be computed after deducting the exemption under section 5(1)(xxiii) r .....

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..... firm either during the continuance of the partnership or even on its dissolution but is entitled only to get a share in the profits during its continuance and is further entitled upon its dissolution or his retirement therefrom to the value of his share in the surplus of the partnership assets left after deduction of liabilities and prior charges on the date of dissolution or retirement. The inte .....

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..... mption will not arise. Exemption, if any, available to any partner in his individual wealth-tax assessment from net wealth including the allocated amount being the value of his interest in the firm, can be considered only in the partner's individual assessments. Exemption available to the partners under the Act in their individual assessments cannot be held to be any liability or debt of the firm .....

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