1990 (11) TMI 52 - HC - Wealth-tax

Summary

The High Court of Allahabad ruled that capital gains tax should not be deducted from the market value of assets for the purpose of the Wealth-tax Act, 1957. The decision was based on the precedent set in Bharat Hari Singhania v. CWT [1979] 119 ITR 258. The judgment was delivered by B. P. JEEVAN REDDY C. J. and V. N. MEHROTRA.