1997 (11) TMI 552

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..... e Tribunal at the instance of the Department under s. 27(1) of the WT Act, 1957 (for short, the Act) : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee was entitled to deduction under s. 5(1)(iv) in respect of his share in the land and building owned by the firm styled M/s. Rockman Cycle Industries, Ludhiana in which he .....

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..... to the firm in which he was a partner, it was observed at page 945 as under : "According to the principles of English jurisprudence which we have adopted in India for the purpose of determining legal rights, there is no such thing as a firm known to the law. In Addanki Narayanappa vs. Bhaskara Krishnappa, [1966] 3 SCR 400, it was clearly held by their Lordships of the Supreme Court that si .....

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..... person in a firm of which he is a partner is a pointer to the fact that in the context of wealth-tax, a partner can claim to have a specific interest in its assets exclusively apart from his interest as a partner in the firm. We have already observed that the property of the firm is, in fact, the property of its partners and, consequently, we cannot accept the contention of the Revenue that since .....

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