1992 (9) TMI 12 - HC - Wealth-tax

Summary

The High Court of Andhra Pradesh ruled that the fair market value of properties transferred by the assessee to his wife is not includible in his wealth under the Wealth-tax Act. The amount paid by the assessee to his wife towards meher amount cannot be considered a transfer without consideration, and thus, the property purchased from that amount cannot be included in the assessee's assets for wealth-tax purposes. The court answered the questions in favor of the assessee and against the Revenue.