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Section 2(m) (prior to Amendment of Act in 1976) of Wealth-tax Act, 1957 - Net wealth - Assets belonging to assessee - Whether partners in a firm of solicitors would be liable to be taxed under Act in respect of their share of outstandings due to firm from various clients - Held, yes FACTS The High Court held that the appellants who were partners in a firm of solicitors were liable to be taxed under the Act in respect of their share of the outstandings due to the firm from various clients. On appeal to the Supreme Court : HELD Partners in a firm of solicitors were liable to be taxed under the Act in respect of their share of the outstandings due to the firm from various clients. The case was decided against the assessee. CASE REVIEW Judgment of High Court in Dipti Kumar Basu v. CWT [1976] 105 ITR 450 - Affirmed. CASE REFERRED TO CWT v. Vysaraju Badreenarayana Moorthy Raju [1983] 152 ITR 454 (SC). Sankar Ghose, Mridula Ray, R. Ayyam Perumal and Leo Raj for the Appellant. B.B. Ahuja, S. Rajappa and Ms. A. Subhashini for the Respondent. ORDER These are two appeals from the judgment of the Calcutta High Court in Dipti Kumar Basu v. CWT [1976] 105 ITP 450. The question in…

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