1989 (9) TMI 84 - HC - Wealth-tax

Summary

The High Court of Madhya Pradesh ruled in favor of the assessee in a case involving the transfer of assets to a trust and the inclusion of those assets in the net wealth for assessment under the Wealth-tax Act. The court held that since the assets were transferred and chargeable to gift-tax under the Gift-tax Act, their value should not be included in the net wealth of the assessee. The Revenue's appeal was dismissed, and the assessee was not required to include the value of the transferred assets in their net wealth.