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TMI Blog1983 (9) TMI 100X X X X Extracts X X X X X X X X Extracts X X X X ..... this common order. 2. The CWT, Gujarat Central, assumed jurisdiction u/s 25(2) of the WT Act, 1957 as he noticed that in arriving at the share of interest in the firm, deduction u/s 5(1)(iva) of the Act was allowed first from the value of the assets of the firm and again in the hands of the assessee u/s 5(1A) of the Act. He, therefore, held that the order of the WTO was prejudicial to the inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rent inasmuch as the point involved was in respect of commission of agricultural lands held by the firm while in the case under appeal the asset involved is shares. He also gave us a copy of the Board's Circular F. No. 325/26/73-WT dt. 29th July, 1974. In reply, on behalf of the assessee, it was submitted that the ratio of decision of Madras High Court was in respect of computation of value of int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment year 1960-61. The High Court held that the agricultural lands owned by the firms will have to be excluded in computing net wealth of the firm under Rule 2 for the purpose of ascertaining partner's interest. This was because the definition of assets in section 2(e) as it stood then, excluded agricultural lands." In the said circular the Board states that the decision of the Madras High Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X
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