1998 (3) TMI 716

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..... Assessee : None. JUDGMENT N.K. AGARWAL, J. The following common question of law has been referred to this Court for opinion under section 27(1) of the Wealth Tax Act, 1957 (for short, 'the Act') in respect of: (i) CWT v. Shri Pawan Kant (assessment years 1979-80 to 1980-81); (ii) CWT v. Shri Raman Kant (assessment year 1980-81) (iii) CWT v. Shri Sunil Kant (assessment years 1979-80 and 198 .....

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..... the view that exemption was to be allowed to the assessees in respect of their shares in the property held by the firm and the value of their shares was not to be included in their taxable wealth. 3. A Division Bench of this court had an occasion to examine a similar question in CWT v. Vipin Kumar After examining the question whether the assessee was entitled to the exemption in respect of the pr .....

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..... d will have to be taken into account while computing his net wealth. In this view of the matter, the assessee in the present case could be said to be having specific interest in the factory land and the building belonging to the firm and, as such, were entitled to the exemption granted to them by the Tribunal. Moreover, rule 2 of the Wealth Tax Rules, providing for the detailed method of determini .....

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