1996 (4) TMI 110 - HC - Wealth-tax

Summary

The High Court of Patna considered the retrospective nature of sub-section (4) of section 7 of the Wealth-tax Act, 1957. The court agreed with the Tribunal and held that the provision has retrospective effect. The judgment favored the assessee and ruled in their favor against the Revenue for the assessment years 1974-75, 1975-76, and 1976-77.