1990 (12) TMI 13 - HC - Wealth-tax

Summary

The High Court of Madras ruled that a provision for gratuity should be treated as a liability and not as a reserve for finding out the break-up value of shares held by the assessee in certain companies for the assessment years 1972-73 and 1973-74. This decision was based on a previous case and upheld by the Supreme Court. The judgment was in favor of the assessee, with no costs awarded.