JUGGI LAL KAMLAPAT BANKERS & ANR. vs WEALTH TAX OFFICER. SPECIAL CIRCLE C-WARD, KANPUR & ORS.

The Supreme Court upheld the High Court's decision regarding the applicability of wealth tax on a partner's interest in a partnership firm under Section 3 of the Wealth Tax Act, 1957, along with Sections 2(m), 2(e), and 4(1)(b). The Court clarified that a partner's interest, whether in an individual capacity or as Karta of a Hindu Undivided Family (H.U.F.), is exigible to wealth tax. The Court also affirmed the discretion of the Wealth Tax Officer to refer valuation to a Valuation Officer under Section 16A, dismissing the appeal against the inclusion of such interests in net wealth for tax purposes.