1990 (11) TMI 89 - HC - Wealth-tax

Summary

The High Court of Allahabad ruled in favor of the Revenue and against the assessee regarding the deduction of notional capital gains tax under section 27(1) of the Wealth-tax Act, 1957. The judgment was delivered by Judges B. P. JEEVAN REDDY and V. N. MEHROTRA. The decision was based on a previous case, Bharat Hari Singhania v. CWT [1979] 119 ITR 258 (All).