1996 (1) TMI 74 - HC - Wealth-tax

Summary

The High Court of Allahabad upheld the decision of the Income-tax Appellate Tribunal regarding the fair market value of assets for wealth tax assessment. Deduction for estimated notional capital gains tax cannot be allowed. The Tribunal's decision was based on a previous court case and affirmed by the Supreme Court. The judgment favored the Revenue over the assessee.