1988 (1) TMI 15 - HC - Wealth-tax

Summary

The High Court of Kerala held that the sums due from two companies should be treated as assets of the firm for wealth-tax purposes. The Tribunal's decision was in favor of the Revenue, as the debts were not considered bad debts and were contrary to Wealth-tax Rules. The assessee's appeal was dismissed, and each party was directed to bear their own costs.