1998 (8) TMI 52 - HC - Wealth-tax

Summary

The High Court dismissed a petition under section 27(3) of the Wealth-tax Act, 1957, regarding the inclusion of investment in an incomplete factory building in the assessable wealth of the assessee-company. The court held that the building must be capable of use by the assessee to be included, and since the construction was still in progress, it did not meet the criteria. The Tribunal's decision not to refer the question to the High Court was upheld.