1988 (4) TMI 7 - HC - Wealth-tax

Summary

The High Court of Rajasthan ruled in favor of the Adarsh Gram Trust, stating that their net wealth is exempt under section 5(1)(i) of the Wealth-tax Act. The decision was based on a previous case where a similar question was answered in favor of the assessee. The reference was answered against the Revenue and in favor of the assessee.