1992 (9) TMI 64 - HC - Wealth-tax

Summary

The High Court of Allahabad ruled in favor of the assessee regarding the inclusion of the value of Jain Nagar Quarters in the hands of the Hindu undivided family, as the property was transferred under a trust deed. However, the court ruled against the assessee regarding the inclusion of the entire value of Jain Glass Works in the hands of the Hindu undivided family, as no valid charge was created in favor of Chhadami Lal Jain Degree College.