2001 (6) TMI 10 - HC - Income Tax

Summary

The High Court of Madras ruled that filigree silver and silverware held by the assessee as stock-in-trade should be included in the net wealth for assessment years 1984-85 to 1988-89. The decision was based on the precedent set in the case of CWT v. Varadharaj'a Theatres P. Ltd. [2001] 250 ITR 523. The court ruled in favor of the Revenue and against the assessee.