1991 (8) TMI 45 - HC - Wealth-tax

Summary

The High Court of Patna ruled in favor of the assessee in a tax case related to the deduction of the value of factory assets for exemption under the Wealth-tax Act, 1957. The court referred to a previous judgment and held that the value of factory assets can be deducted for exemption. The court directed the judgment to be transmitted to the Income-tax Appellate Tribunal in Patna.