1983 (4) TMI 28 - HC - Wealth-tax

Summary

The High Court of Allahabad ruled in favor of the assessee, allowing a liability to Nagar Mahapalika of paying 75% of the profit if the plot of land was sold. The court referenced a Supreme Court decision in CWT v. P. N. Sikand [1977] 107 ITR 922, stating that such covenants must be considered in determining the net wealth of the assessee. The court answered the question of law in the affirmative, in favor of the assessee, and directed the Tribunal to issue appropriate orders.