1998 (6) TMI 24 - HC - Wealth-tax

Summary

The High Court of Madras considered whether an amount received by an informer as a reward for providing information about excise duty evasion should be treated as an "award" for gallantry or merit. The petitioner received Rs. 24,40,000 as a reward, but the court distinguished between reward and award, stating that the reward was for providing information and not for a significant achievement. The court ruled that the reward did not qualify as a meritorious award exempt from wealth tax under section 5(1)(xviii) of the Wealth-tax Act, 1957. The petition was dismissed by the court.