1987 (7) TMI 23

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..... ether, on the facts and in the circumstances of the case, the inclusion of the partnership share value of Rs. 2,52,725 in the net wealth of the assessee-family under section 4(1)(b) of the Wealth-tax Act or under section 2(m) of the Wealth-tax Act is correct in law ? " The assessee admitted a sum of Rs. 2,52,725 in Part IV of his wealthtax return for the assessment year 1978-79 and claimed befor .....

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..... divided family. Accordingly, it is liable to be taxed in the hands of the Hindu undivided family, according to the definition of it net wealth " contained in clause (m) of section 2, read with section 3 of the Act. For this purpose, it may not really be necessary to go to section 4(1)(b). For the above reasons, we answer the question referred to us in the affirmative, i.e., in favour of the Reve .....

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