1988 (8) TMI 44 - HC - Wealth-tax

Summary

The High Court of Rajasthan ruled in favor of the assessee in a Wealth-tax Act case regarding the inclusion of the value of paintings, drawings, and manuscripts in the net wealth. The Tribunal's decision to exempt these items under section 5(1)(xii) was upheld, following a similar precedent in a previous case. The reference was answered against the Revenue and in favor of the assessee.